ETEM will merge with COSMOS Aluminium AE. The agreement was signed on 6 April 2023 at the offices of COSMOS Aluminium SA, following the approval of the shareholders and the competent authorities. This was reported by the ETEM press centre. Although both companies produce aluminium profiles, they operate in different markets. Their activities can be considered complementary.
COSMOS Aluminium SA will keep its management and will hold a controlling stake of 85% in the new structure. ETEM and ELVAL HALCOR will hold 15%. The new company will operate under the name COSMOS Aluminium on the European market for industrial profiles.
ETEM will keep its brand for the architectural systems segment. Also, ETEM will continue to develop all its subsidiaries in Bulgaria, Serbia, Romania and Ukraine.
According to ETEM, the new company will have a production capacity of over 70,000 tonnes of aluminium. Based on unpublished results for 2022, the new COSMOS Aluminium SA will have a total annual turnover of €300 million.
The merger took more than 2 years of intensive negotiations between the two companies.
Photo: COSMOS Aluminium
The merger between ETEM and COSMOS Aluminium completed
ID no: 22643
Oct 28, 2024
Nov 14, 2024
