EGA completes takeover

At the beginning of May, aluminium producer Emirates Global Aluminium (EGA) completed its takeover of the German foundry and recycling company Leichtmetall, based in Hannover.

After the Dubai-based EGA Group announced at the end of March that it wanted to acquire all shares in Leichtmetall from the Munich-based investment company Quantum Capital Partners, the transaction has now fulfilled all the conditions for completion and received the necessary regulatory approvals, EGA announced. No information was provided on the purchase price.

Leichtmetall Aluminium Giesserei Hannover GmbH produces high-strength aluminium billets with large diameters and high proportions of secondary aluminium. According to EGA, up to 30,000 tonnes of billets are produced annually at the company's headquarters in Hannover, with around 80 per cent of the starting material consisting of secondary aluminium. As a new German subsidiary, Leichtmetall will complement EGA's existing business in Europe. According to company information, EGA currently exports over 600,000 tonnes of primary aluminium to Europe every year.