Grange, a Swedish aluminum profile maker, said on Friday that it had terminated plans to form a joint venture with Japan's Mitsubishi Aluminum in the United States, which was originally planned to produce aluminum materials for brazed automotive heat exchangers.
Grange said in a statement: "Grange has decided to discontinue its plan to form a joint venture in North America because, given the current circumstances, the project is not attractive enough for Grange from a risk-reward perspective."
"However, Grange and Mitsubishi will continue their dialogue on future business opportunities," the report added.
In November last year, Grange announced plans for the joint venture and also announced plans to begin construction of a $ 110 million aluminum rolling mill expansion in Tennessee. The plan is expected to increase the capacity of the Huntingdon, Tennessee aluminum rolling mill by 20%, from 176,369 tons / year to 220,462 tons / year, and is expected to be completed in 2019.