Trimet takes over bankrupt Voerde Aluminium

On May 28, Trimet Aluminium from Germany announced the purchase of Voerde Aluminium, the insolvent German aluminium producer.

Trimet assured it would continue operation at Voerde and retain the 280 current employees of the plant. The takeover discussion on Trimet was reported on Monday. However, the financial terms of the transaction were not disclosed by the company.

Voerde Aluminium, which had a capacity of 115,000 tonnes of aluminium annually, went insolvent in 2012 due to the high electricity prices in Germany.

According to Trimet owner and supervisory board chairman Heinz-Peter Schlueter, it was the German government's recent decision to offer financial relief to power-intensive industries to compensate for high energy prices which has given them the support to complete the takeover. Schlueter expected strong aluminium demand in Europe.

"With the Voerde location we will be able to serve the rising demand," he said.

After the declaration of insolvency, Voerde creditors had voted to continue production at the plant till 2014 end while the search for a buyer was on.

Trimet has an annual capacity of 640,000 tonnes of primary and cast aluminium and aluminium products.

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