Emirates Global Aluminium, today, announced the completion of the acquisition of the German company, Lichtmetall Aluminum Gesserei Hannover GmbH.
Last March, Emirates Global Aluminum announced its intention to acquire “Lichtmetal” from “Lichtmetal Holding Limited”, a subsidiary of an investment fund managed by “Quantum Capital Partners Limited”. The transaction met all regulatory approvals and conditions required for completion.
Lichtmetall is a specialized European smelter that uses renewable energy to produce about 30,000 tons annually of aluminum cylinders, and secondary aluminum represents about 80% of the raw materials used in production. The company primarily produces solid cylinders with a diameter of up to 1,150 mm for use in the manufacture of heavy-duty extruded aluminum profiles and large cast parts.
The acquisition of Lichtmetal strengthens EGA’s existing business in Europe, as EGA exports more than 600,000 tons of primary aluminum to Europe annually, and is considered one of the largest aluminum suppliers in Europe to many sectors, including automobiles and construction.
Abdul Nasser Bin Kalban, CEO of Emirates Global Aluminum, said: “I am pleased to welcome our new colleagues at Lichtmetal in Hannover to the Emirates Global Aluminum team. The acquisition will provide significant growth opportunities for Lichtmittal within the Emirates Global Aluminum portfolio, the largest producer of high-quality aluminum in the world.” “It is considered an important step for Emirates Global Aluminium, in accelerating our journey towards sustainability and building aluminum recycling operations in Europe, as we are one of the largest suppliers of primary aluminum in the region and globally.”
For his part, Thomas Witt, CEO of Lichtmetall, said: “This acquisition and joining Emirates Global Aluminum, the largest producer of high-quality aluminum in the world and the main supplier of aluminum in Europe, represents a major step in Lichtmetall’s successful journey, and will help us grow our business further and provide better services.” To our customers all over the world.
According to industry experts, global demand for recycled aluminum will double by 2040. Recycled aluminum is expected to contribute to the growth of global aluminum supplies by 60% by 2030, and by 70% between 2030 and 2040.
Aluminum can be recycled continuously and infinitely thanks to its distinctive properties. The recycling process requires 95% less energy, compared to the energy consumed to produce primary aluminum, and results in a small amount of emissions compared to producing aluminum from raw bauxite.
This deal is considered the first major acquisition for Emirates Global Aluminum since its founding through the merger of Dubai Aluminum and Emirates Aluminum ten years ago.
source/content: wam.ae (headline edited)
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UNITED ARAB EMIRATES (U.A.E)