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Mubadala-backed Emirates Global Aluminium (EGA) finalized its acquisition of an 80% stake in US-based aluminum recycling company Spectro Alloys, after inking an equity purchase agreement for the transaction back in August, according to a statement. The value of the transaction was not disclosed.
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SMART POLICY- Global demand for recycled aluminum is expected to double by 2040, with the industry set to account for 60% of the growth in global aluminum supply until 2030. It will account for 70% of supply growth between 2030 and 2040. Spectro Alloys is the leading secondary foundry alloy producer in the US, producing 110k tons of aluminum ingots, the press release added.
EGA is on a buying spree this year: EGA completed a full acquisition of German aluminum recycling company Leichtmetall Aluminum Giesserei from Leichtmetall Holding back in May. Its acquisition of the German firm was EGA’s first major acquisition since it was formed through the merger of Dubai Aluminum and Emirates Aluminum in 2013.
