Emirates Global Aluminium has completed its acquisition of Leichtmetall Aluminium Giesserei Hannover GmbH, it has announced.
This update comes following EGA’s announcement of its intention to acquire Leichtmetall from Leichtmetall Holding GmbH, a subsidiary of an investment fund managed by Quantum Capital Partners GmbH, back in March.
The transaction has now cleared all required regulatory approvals and closing conditions, and is EGA’s first major transaction since the company’s formation a decade ago through the merger of Dubai Aluminium and Emirates Aluminium.
EGA’s new German operation is a European specialty foundry that uses renewable energy to produce up to 30,000 tonnes per year of billets, with secondary aluminium some 80 per cent of input material.
Leichtmetall produces hard alloys and larger diameter billets up to 1,150 millimetres, which are used to manufacture high-load-bearing extruded profiles and very large forged components.
EGA shared that it already exports over 600 thousand tonnes of primary aluminium to the European continent each year and is a significant supplier for industries including automotive and construction.
Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, commented: “I am pleased to welcome our new Leichtmetall colleagues in Hannover to EGA. Becoming part of the biggest ‘premium aluminium’ producer in the world will give Leichtmetall new strength for its customers and to grow.”
Adding: “For EGA, today is an important early milestone in our drive to build an aluminium recycling business in Europe, where we are already a major primary aluminium supplier, and around the world.”
Thomas Witte, Chief Executive Officer of Leichtmetall, said: “This is an exciting moment for Leichtmetall, as we join forces with one of the biggest and most ambitious aluminium producers in the world and a major aluminium supplier in Europe. I am confident that as part of EGA we will be able to serve our customers even better, and develop our business further.”