Gestamp plans to invest $13.4 million in Viohalco¡¯s aluminium profiles production and processing businesses

Gestamp North Europe Services has reportedly expressed its intention to invest 23.5 million levs ($13.4 million/12.0 million euro) in acquiring major stakes of Viohalco’s aluminium profiles production and processing businesses – Etem Automotive Bulgaria and Etem Aluminium Extrusions by increasing the two companies’ capital.

As per the official documents, Etem Aluminium Extrusions’ capital will be increased by 18.58 million levs to 37.92 million levs, while Etem Automotive Bulgaria’s capital will be hiked by 4.89 million levs to 9.59 million levs.

After increasing the capital, Spain-based Gestamp North Europe Services will reportedly control a 49 per cent stake in Etem Aluminium Extrusions and 51 per cent in Etem Automotive Bulgaria.

Earlier this year, Viohalco had announced that Etem Bulgaria would set up two joint ventures with Gestamp, which would focus on the extrusion and processing of aluminium profiles for the automotive industry.

Viohalco had even said that some 30 million euro would be invested in the next three years for the installation of a new extrusion line and related machinery for further processing of aluminium profiles in Bulgaria.

At the present, Etem Bulgaria’s production facility exceeds 35,000 tonnes per year.

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