ERAMET, the 100% shareholder of Tinfos International AS through its subsidiary Eralloys Holding AS, announced that it has signed an agreement for the sale of all of its shares in Tinfos International to Holta Invest AS.

Tinfos International is the parent company of the Luxembourg based Tinfos Nizi SA which employs 80 people and groups together the trading activities previously held by the Norwegian company Tinfos AS, in which ERAMET acquired a majority interest on July 30th, 2008. ERAMET announced last year its intention to divest those trading activities.

Following the transaction, Tinfos Nizi will continue to distribute high purity pig iron from Tinfos Titan & Iron, an ERAMET subsidiary.

The sale of Tinfos International remains subject to certain conditions precedent being fulfilled and the necessary approvals being obtained by January 31st, 2010.

The buyer, Holta Invest AS, 100% owned by Mr Kjetil Holta, was the largest owner of Tinfos AS before it was sold to ERAMET last year. Holta Invest, with its previous extensive knowledge of Tinfos Nizi, has ambitions to further develop the company's trading and distribution activities.