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Paranapanema to sell mothballed Brazilian copper pipe plant for 150M reais

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Paranapanema to sell mothballed Brazilian copper pipe plant for 150M reais

Paranapanema SAsaid April 11 that it will sell its mothballed Capuava copper pipe plant inBrazil, and the area surrounding it totaling about 150,000 square meters, forabout 150 million Brazilian reais.

The company entered the sale and purchase agreement withPlano Madeira Empreendimentos Imobiliários Ltda., a subsidiary of Plano &Plano Construções e Empreendimentos Ltda.

The purchase price is fixed as a determined percentage oftotal sales of a future real estate development to be launched in its place.

As of April 11, US$1is equivalent to 3.53 Brazilian reais.