Emirates Global Aluminium (EGA), the UAE’s largest industrial entity outside of the oil and gas sector and the world’s leading premium aluminium producer, has announced plans to acquire an 80% stake in the American aluminium recycling firm Spectro Alloys Corporation, subject to regulatory approvals. This strategic acquisition aims to bolster EGA’s foray into aluminium recycling and their footprint in the US market. Spectro Alloys, a key player in the secondary foundry alloy sector in the US, was established in 1973 and operates from Rosemount, Minnesota. The firm, which processes approximately 110 thousand tonnes of aluminium ingots annually, is currently expanding its capacity with an additional 55 thousand tonnes of secondary billet production expected by 2025. Spectro’s current owner-managers will retain a 20% shareholding, with the equity purchase agreement expected to be finalized in Q3 2024. This move follows EGA’s recent acquisition of European foundry Leichtmetall and initiation of the UAE’s largest aluminium recycling plant.
Aluminium Production, Recycling & Waste Management, Automotive,United States, United Arab Emirates, Europe
https://www.zawya.com/en/press-release/companies-news/ega-to-acquire-majority-stake-in-us-recycling-firm-spectro-alloys-as-recycling-expansion-accelerates-wtsbyvne