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EGA to acquire US recycled aluminum manufacturer: Mubadala-backed Emirates Global Aluminium (EGA) signed an equity purchase agreement to acquire an 80% stake in US-based Spectro Alloys, with the company’s current management retaining a 20% interest, according to an EGA statement. The value of the transaction was not disclosed, but it is expected to close by 3Q 2024.
The acquisition allows EGA to expand its footprint in the US aluminum recycling market, and accelerate its global expansion, according to the statement. Spectro Alloys will also be able to benefit from EGA’s resources.
What they said: “In the United States, which is already one of EGA’s largest global markets, this acquisition will significantly grow our business and expand our offering to customers with domestic production,” EGA CEO Abdulnasser bin Kalban said.
More on Spectro Alloys: The aluminum manufacturer produces recycled aluminum alloys with an annual production capacity of 110k tonnes and 125 customers in the automotive and construction sectors. The company is currently expanding its facilities to add 55k tonnes of recycled billet production capacity by 2025.
This is the second acquisition by EGA this year: EGA closed its acquisition of 100% of German aluminum recycling company Leichtmetall Aluminum Giesserei from Leichtmetall Holding back in May.
