NZI Finance to Acquire Armco Australian Unit
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SYDNEY, Australia — NZI Finance Corp., a wholly owned subsidiary of New Zealand-based NZI Corp. Ltd., said it has agreed to acquire Armco Australia Financial Corp., a finance subsidiary of the U.S. steelmaker Armco Inc.
The sale is subject to approval from Australia’s Foreign Investment Review Board.
Armco, which is based in Middletown, Ohio, said it expected no gain or loss from the sale, with total proceeds of about $100 million being used to reduce debt. Armco is divesting its worldwide insurance and finance operations to focus on traditional businesses such as steel, oil and aerospace.
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