Emirates Global Aluminium (EGA), the UAE’s largest industrial company outside the oil and gas sector, has announced plans to acquire an 80% stake in U.S. based aluminium recycling firm Spectro Alloys Corporation. The transaction, subject to regulatory approvals and expected to close in Q3 2024, aims to accelerate EGA’s expansion into aluminium recycling in the U.S. Spectro Alloys, founded in 1973, has a production capacity of 110,000 tonnes of aluminium annually and is implementing an expansion project to add 55,000 tonnes of secondary billet production by 2025. This acquisition follows EGA’s recent purchase of European specialty foundry Leichtmetall and the initiation of the UAE’s largest aluminium recycling plant. Financial terms were not disclosed. EGA, partly owned by Mubadala Investment Company and the Investment Corporation of Dubai, continues its goal to meet growing aluminium demand with sustainable and recycled products. Spectro Alloys will leverage EGA’s resources to further its growth in the U.S. market.
Aluminium Industry, Recycling Industry, Industrial Manufacturing,United Arab Emirates, United States
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