Manufacturer of Aluminum Profiles Creates Two New Companies and Invests € 30 Million in Bulgaria

Business | January 15, 2019, Tuesday // 12:31
Bulgaria: Manufacturer of Aluminum Profiles Creates Two New Companies and Invests € 30 Million in Bulgaria

Etem Bulgaria will separate the production of extruded aluminum profiles and their further processing in two separate subsidiaries. The decision was taken by Belgian Viohalco, the owner of Etem. The two new ventures will be joined by Gestamp, a leading global group specializing in the design, development and production of metal components and systems for the automotive industry. The investment program over the next three years envisages the realization of approximately € 30 million for the installation of a new extrusion press and equipment for additional aluminum profiles processing in Bulgaria. "The agreement will strengthen the position of Etem Bulgaria in the automotive sector and will prove that the company can successfully meet the increased demand for aluminum products following the new developments of the automotive industry," the company said.

Regulatory approval pending.

In 2017, Etem Bulgaria has revenue from sales of BGN 177 million, an increase of 22% compared to the previous year. Viohalco is a Belgian holding company of a number of leading metalworking companies in Europe. It is registered with Euronext Brussels (VIO) and the Athens Stock Exchange (BIO). Viohalco's companies specialize in the production of aluminum, copper, steel pipes and are committed to the sustainable development of quality, innovative and value-added products and solutions. With production capacities in Greece, Bulgaria, Romania, Russia, Australia, the former Yugoslav Republic of Macedonia, Turkey, the United Kingdom and the Netherlands, Viohalco's companies together generate an annual revenue of € 3.7 billion. Viohalco's portfolio includes a dedicated segment for technology and R & D , as well as recycling and waste management services. In addition, Viohalco and its companies own real estate investments, mainly in Greece, which generate additional revenue through their commercial development.

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