AOL Time Warner Acquires Thaisarco, a Thailand-based Tin Mining Company
AOL Claims Major Synergies Now That AOL Has Become World's Largest Shipper of Tin Products -- Namely, AOL 7.0 Discs
Dulles, VA /DenounceNewswire/ -- 24 July 2002 -- AOL (NYSE: AOL), the world's leading interactive services company, today announced the acquisition of all of the stock and assets of Thaisarco (Thailand Smelting and Refining Company Ltd), Thailand's largest exporter of tin. Thaisarco had been a subsidiary of Preussag AG, an incomprehensibly huge German industrial and tourism conglomerate.
"In the past six months," said AOL Time Warner Chairman Steve Case, "we have become the world's largest buyer of tin, in order to meet the growing needs of manufacturing billions of metal cases that we now ship our free AOL 7.0 CD-ROM discs in. Our goal is to ship one of these cases to every man, woman, child, dog, cat, and goldfish on the planet at least ten times over, within the next two years."
"We were a bit surprised but in the end delighted to do business with America Online," said Dr. Michael Frenzel, Preussag AG executive board chairman. "We welcome AOL to the world of tin smelting and processing."
The Company expects significant synergies and customer-acquistion cost reduction benefits through this acquisition. "This will cut the costs of tin-can CD-ROM manufacturing by at least half," said Case.
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