Emirates Aluminum acquires a majority stake in the American Spectro

Emirates Global Aluminum Company announced yesterday the completion of the acquisition of a majority stake in Spectro Alloys, an American company specializing in aluminum recycling.

It stated, in a statement, that it had acquired an 80% stake in Spectro Alloys, while the company’s owners retain a 20% stake, noting that the deal was fully financed through the green financing framework of “Emirates Global Aluminum”, which was announced. this year.

Thanks to the acquisition, Emirates Global Aluminum has production operations on four continents, ranging from bauxite mining to aluminum recycling.

She stated that the new acquisition enhances its business in the United States by providing local production capacity, noting that in 2023, it supplied about 550,000 tons of primary aluminum to the United States, as it is one of the largest global markets for “Emirates International Aluminum.”

The demand for recycled aluminum in the United States is expected to reach 7.6 million tons annually by 2033, according to the independent CRU Foundation, which specializes in corporate research and data, as the United States is the second largest market for recycled aluminum in the world.

Spectro Alloys is one of the leading companies in the production of secondary aluminum in the United States, producing about 110,000 tons of aluminum alloys annually.

The CEO of Emirates Global Aluminum, Abdul Nasser Bin Kalban, said: “The demand for low-carbon primary and recycled aluminum is expected to increase significantly over the coming decades.”

He added: “Emirates Global Aluminum places the development of its recycling business at the top of its strategic priorities, and therefore we are taking rapid steps in light of the progress of our recycling operations in the United States, Europe, and in our new factory in the UAE.”

For his part, the president of Spectro Alloys, Luke Ballen, said: “By joining Emirates Global Aluminium, we begin a new phase in Spectro Alloys’ journey that extends for five decades, and Emirates Global Aluminium’s global resources and capabilities will contribute to marketing aluminum in the United States.” United to enhance the growth of our company.