Investment of € 20 million in NedZink

ElvalHalcor and Koramic join forces at NedZink

Koramic and ElvalHalcor have signed a joint-venture agreement whereby ElvalHalcor shall acquire a 50% stake in NedZink BV, Budel, the Netherlands through a capital increase.  Prior to ElvalHalcor’s entry in the capital, NedZink is a 100% subsidiary of the Belgian Koramic group.

As part of this joint venture NedZink will undertake an important investment program of approx. € 20 million aimed to transform the factory in Budel-Dorplein into a state-of-the-art, energy efficient and sustainable production location. New machines will be installed and adjustments will be made to both the infrastructure and the buildings. The new joint venture will have Dutch management.

ElvalHalcor and Koramic will join forces in NedZink on a 50% / 50% basis and NedZink will continue to operate as a fully independent company under the direction of her management team and the new shareholder structure will not affect the commercial strategy of the company.

The joint venture will allow ElvalHalcor to get back into the production of rolled titanium zinc after the company recently discontinued this activity in its Bulgarian production plant of SofiaMed to allow for growth opportunities in its copper production business. By entering the production of rolled titanium zinc again, ElvalHalcor can propose a full range of the non-ferrous metals to its customers.

Mr. Huib van Dooren, Managing Director of NedZink BV mentions: “I am very happy that, weeks before my retirement, an agreement has been reached which makes one of my greatest dreams for NedZink come true i.e. the implementation of an ambitious investment plan which will further strengthen NedZink’s position as leading producer of rolled titanium zinc. In addition to the continuous support from our current shareholder Koramic, NedZink will now benefit going forward from the support and expertise of a strong international and industrial shareholder. I am particularly pleased that I can hand the company over under these favourable conditions to my successor as CEO of NedZink, Mr. Egbert Boerrigter.”

The investments in the new joint venture will start in the first quarter of 2018 and will be completed by the end of 2019. The current production process of NedZink will not be hindered by all investment activities.

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Koramic is a privately owned company which was originally established in 1883. The company’s headquarters are in Kortrijk, Belgium. Koramic develops activities in various fields of industry, real estate and private equity. 

In 2016, Koramic achieved a consolidated turnover of about € 650 million with 6.000 persons employed in 15 countries. The consolidated equity per end of 2016 was about € 430 million.

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ElvalHalcor S.A. is a leading global industrial producer of aluminium and copper products with headquarters in Athens, Greece and listed on the Athens Stock Exchange. The main shareholder of ElvalHalcor is Viohalco S.A., with headquarters in Brussels and listed on the Euronext Brussels Exchange and on the Athens Stock Exchange.

Viohalco S.A. is a Belgium based holding company of leading metal processing companies across Europe. Viohalco subsidiaries focus on technological advancement and R&D and specialise in the manufacture of aluminium, copper, steel and steel pipes product solutions.