The acquisition will accelerate EGA’s global expansion into aluminium recycling
Emirates Global Aluminium (EGA) has announced its intention to acquire 80 percent of the American aluminium recycling firm Spectro Alloys Corporation. The current owner-managers will retain a 20 percent 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 this year, EGA acquired European speciality foundry Leichtmetall, and late last year, EGA began constructing the UAE’s largest aluminium recycling plant.
Expansion plans
“Spectro Alloys has a strong and highly experienced team which is already implementing ambitious expansion plans and will be a strong platform for the further development of an EGA recycling business in the United States,” stated Abdulnasser Bin Kalban, CEO, EGA.
“By becoming part of EGA, the largest ‘premium aluminium’ producer in the world, we will unlock the next stage of our development in the fast-growing aluminum recycling industry,” commented Luke Palen, President, Spectro Alloys.
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.
