(MENAFN) Emirates Global Aluminium (EGA) marked a significant milestone on Friday with the successful completion of its acquisition of German company Lichtmetall Aluminum Gesserei Hannover GmbH. The acquisition, which was announced last March, saw EGA acquiring Lichtmetall from Lichtmetal Holding Limited, a subsidiary of an investment fund managed by Quantum Capital Partners Limited. With all regulatory approvals and necessary conditions met, the transaction has now been finalized.
Lichtmetall is a specialized European smelter known for its utilization of renewable energy in the production process. Annually, it produces approximately 30,000 tons of aluminum cylinders, with secondary aluminum constituting around 80 percent of the raw materials utilized. The company's primary output consists of solid cylinders with diameters of up to 1,150 mm, catering to the manufacturing needs of heavy-duty extruded aluminum profiles and large cast parts.
For EGA, the acquisition of Lichtmetall represents a strategic move to bolster its presence and operations in Europe. EGA is a major exporter of primary aluminum to Europe, with an annual export volume exceeding 600,000 tons. The company holds a prominent position as one of Europe's leading aluminum suppliers across various sectors, including automotive and construction. By integrating Lichtmetall into its portfolio, EGA aims to enhance its offerings and capabilities in the European market, further solidifying its position as a key player in the global aluminum industry.
Notably, this acquisition stands as a landmark achievement for EGA, marking its first major strategic move since its inception a decade ago through the merger of Dubai Aluminum and Emirates Aluminum. With the acquisition of Lichtmetall, EGA signals its commitment to growth and innovation, positioning itself for continued success and expansion in the dynamic and competitive aluminum market.
MENAFN05052024000045015682ID1108174733
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.