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Albania's Balfin wraps up sale of Albchrome to Turkey's Yildirim Group

Albania's Balfin wraps up sale of Albchrome to Turkey's Yildirim Group Elbasan green-field ferrochrome smelting plant, Albania

TIRANA (Albania), January 21 (SeeNews) - Albanian investment group Balfin said it has completed the sale of chrome producer AlbChrome to Turkey's industrial conglomerate Yildirim Group for an undisclosed price.

The transaction, which was completed on January 14, will not affect the employees at AlbChrome as Yildirim has committed to keeping the headcount unchanged and continue Balfin's investment strategy, Balfin said in a statement earlier this week.

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AlbChrome, a member of Balfin group since 2013, owns a mine in Bulqiza, ferrochrome smelters in Burrel and Elbasan, and Vllahen Mining. It is one of Albania's main exporters.

AlbChrome increased its ferrochrome output to 68,000 tons from 24,000 tons in 2012 and boosted chrome ore production from 47,800 tons in 2012 to 100,800 tons in 2020, according to the statement.

Yildirim Group operates in nine sectors and 53 countries on four continents, employing 14,000 people.

The Balfin Group is active in a number of sectors including real estate, retail, tourism, agriculture, energy, the mineral industry and services across Southeast Europe, as well as in Austria and the Netherlands, according to information posted on its website.

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