ETEM SA MERGES WITH COSMOS ALUMINUM SA, MARKING A MAJOR SHIFT IN THE ALUMINUM INDUSTRY
Today, Thursday, April 6, 2023, at COSMOS Aluminum SA premises in Larissa, the final Merger Agreement was signed and completed the previously announced and promising merger between COSMOS Aluminum AE and ETEM AE with simultaneous absorption of the second from the first one.
Cosmos Aluminum SA, owned by the Xenophon Kantonias family, will maintain the management, and hold the majority stake of 85% in the new structure, while ETEM and ELVAL HALCOR (the main shareholder), will hold 15%. For the possibility of a complete ELVALHALCOR stake transfer, a special agreement has been signed, whereas the methodology of the transfer is dully described.
The companies, despite being active in the aluminum extrusion industry, are active in different markets and their activities can be considered complementary to each other, a fact that creates many synergies and commercial development prospects from each market segment.
The new organization, will continue to operate under the VAT number of COSMOS Aluminum and under the same name in the European market of industrial profiles which consists the main market that COSMOS is active while being on an almost 100% export company. Furthermore, ETEM will maintain its brand name for architectural systems segment, both in Greece and abroad. In addition, ETEM will maintain active and continue to develop all its subsidiaries in the Balkans (Bulgaria, Serbia, Romania) and Ukraine.
The new company will have a production capacity of more than 70,000 tons of aluminum and will employ over 500 people throughout the Group. According to the unpublished results of 2022, the new COSMOS Aluminum SA will have a cumulative annual turnover of €300 million.
The completion of the merger required more than 2 years of intensive negotiations between both companies as well as the contribution of specialized partners who helped in its completion. For COSMOS, the financial advisor was Core Capital Partners, the legal advisor was the court. office KORINA FASSOULI – GRAFANAKI & ASSOCIATES and responsible for Due Diligence is EY.
Cosmos Aluminum SA
