J.P. Morgan Named as Exclusive Advisor For Strategic Partner Search by Altos Hornos de Mexico.NEW YORK--(BUSINESS WIRE)--April 15, 1999-- J.P. Morgan announces that it has been retained by Altos Hornos de Mexico, S.A. (AHMSA AHMSA Altos Hornos de Mexico SA (Mexican steel company) ), Mexico's largest steel-maker, to act as its exclusive financial advisor in the selection of a world class strategic partner. Presently, discussions are being held with several major regional and European steel producers. AHMSA is pursing a strategic partnership in order to consolidate its leading market position and bolster its financial position. This move comes as part of a comprehensive strategy initiated in July 1998, which comprises the AHMSA XXI cost reduction plan and the sale of approximately $320 million in assets. Through the AHMSA XXI plan, the company has exceeded its target of $85 million in annual cost reductions during 1998. Earlier in the year, AHMSA divested its galvanizing galvanizing, process of coating a metal, usually iron or steel, with a protective covering of zinc. Galvanized iron is prepared either by dipping iron, from which rust has been removed by the action of sulfuric acid, into molten zinc so that a thin layer of the zinc and painting operations to Grupo Acero, S.A. for $68 million. The Company is also planning to divest its power generation units, limestone mines, railroad cars, and oxygen and water treatment plants. Morgan is assisting AHMSA in this sale process. A strategic partnership with a major steel producer represents the final step in AHMSA's strategy. Morgan is a global banking firm that serves clients with complex financial needs through a range of advisory, financing, trading, and investment capabilities. Morgan is the leading mergers and acquisitions advisor in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , with offices in Sao Paulo, Rio de Janeiro Rio de Janeiro, city, Brazil Rio de Janeiro (rē`ō də zhänā`rō, Port. rē`  thĭ zhənĕē`r , Buenos Aires Buenos Aires (bwā`nəs ī`rēz, âr`ēz, Span. bwā`nōs ī`rās), city and federal district (1991 pop. , Mexico City Mexico CitySpanish Ciudad de México City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi , Santiago, Caracas, and Lima. Information is available on the internet at (http://www.jpmorgan.com/). |
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