Connecticut conglomerate Atlas Holdings (“Atlas”) and aluminium mill Jupiter Aluminum Corporation (“Jupiter”) announced this week an agreement for Jupiter to purchase aluminium flat-rolled firm Aludium from Atlas for an undisclosed sum.
Jupiter says the purchase will enhance its footprint in Europe, which has been a goal of the firm for some time.
Peter Bacon, Atlas Operating Partner and member of the Aludium Board of Directors, said in a press release that the move was the logical next step for his firm.
“After a successful ownership period in which Aludium became an independently operated company and expanded its recycling activities as a key value driver of the business, now is the right time for the capable Aludium team to move forward with a new partner for their next stage of growth.”
Jupiter CEO Paul-Henri Chevalier noted the important synergies the purchase will take advantage of.
“With this acquisition, Jupiter Aluminum is pursuing its objective to expand in Europe. Aludium’s extended capabilities and experience represent an excellent opportunity to complement our existing operations and product offering in the market.”
Lionel Chapis, CEO of Aludium, said the purchase will be a win for customers as well.
“Aludium is well positioned following its fruitful partnership with Atlas Holdings, which has laid the foundation for a strong future with Jupiter Aluminum. We will remain focused on delivering excellent products and service to our customers while combining our mutual industrial expertise to deploy our low-carbon strategic agenda.”
The companies expect the deal will close sometime next quarter.
