EGA buys shares in recycling company Spectro Alloys

According to Amac News: In the report of Emirates Global Aluminum, it is stated that the current owner-managers will retain 20% of the shares.
According to the report, EGA and Spectro Alloys have signed a share purchase agreement and the deal is expected to close in the third quarter of 2024.
The acquisition, which is subject to regulatory approvals, will accelerate EGA's global expansion in aluminum recycling and expand EGA's business in the United States.
In May, EGA acquired European specialty foundry Leichtmetall, and late last year, EGA began construction of the largest aluminum recycling plant in the UAE.
Spectro Alloys has a strong and experienced team that is currently implementing ambitious expansion plans and will be a strong platform to further develop EGA's recycling business in the US.
Spectro Alloys currently serves over 125 customers primarily in the Midwest and Texas. Almost half of the production of Spectro Alloys is used in the automotive sector.
It also sells to semi-manufacturers, who in turn supply end-user companies with blue chips. Other important sectors for spectral alloys include small engine manufacturing, construction and recreational vehicles.