Emirates Global Aluminium (EGA) is to acquire 80 per cent of the American aluminium recycling firm Spectro Alloys Corporation with the current owner-managers retaining a 20 per cent shareholding.
EGA and Spectro Alloys have signed an equity purchase agreement and the transaction is expected to close during the third quarter of 2024.
The acquisition, which is subject to obtaining regulatory approvals, will accelerate EGA's global expansion into aluminium recycling and expand EGA's business in the United States.
In May, EGA acquired European speciality foundry Leichtmetall, and late last year, EGA began constructing the UAE's largest aluminium recycling plant.
Spectro Alloys currently supplies more than 125 customers, primarily in the Upper Midwest and Texas. Almost half of Spectro Alloys' production is used in the automotive sector.
It also sells to semi-fabricators, who in turn supply blue-chip end-user companies. Other important sectors for Spectro Alloys include small engine manufacturing, construction, and recreational vehicles.
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