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SOFIA (Bulgaria), May 15 (SeeNews) - Gestamp North Europe Services intends to invest 23.5 million levs ($13.4 million/12.0 million euro) in the acquisition of major stakes in Belgium peer Viohalco's aluminium profiles production and processing businesses in Bulgaria, official documents show.
Gestamp North Europe Services, part of Spanish metal automotive components group Gestamp, plans to acquire shareholding interest in Viohalco's indirectly owned units Etem Automotive Bulgaria and Etem Aluminium Extrusions by increasing the two companies' capital, according to documents entered into the Bulgarian commercial register on Tuesday.
Etem Automotive Bulgaria and Etem Aluminium Extrusions were spun off by Etem Bulgaria - a wholly-owned subsidiary of Viohalco, last month. They are active in extruded aluminium profiles production and automotive aluminium profiles processing businesses, respectively.
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.
Following the capital increase, Spain-based Gestamp North Europe Services will control a 49% stake in Etem Aluminium Extrusions and a 51% stake in Etem Automotive Bulgaria, according to SeeNews estimates.
Earlier this year, Viohalco said that Etem Bulgaria will set up two joint ventures with Gestamp, which will focus on the extrusion and processing of aluminium profiles for the automotive industry. An investment programme of some 30 million euro will be implemented in the next three years for the installation of a new extrusion line and related machinery for further processing of aluminium profiles in Bulgaria, Viohalco said at the time.
Etem Bulgaria's production facility exceeds 35,000 tonnes per year.
Viohalco is listed on Euronext Brussels (VIO) and the Athens Stock Exchange (BIO). Its subsidiaries specialise in the manufacture of aluminium, copper, cables, steel and steel pipes products. With production facilities in Greece, Bulgaria, Romania, Russia, Australia, North Macedonia, Turkey, the United Kingdom and the Netherlands, Viohalco companies collectively generate annual revenue of 3.7 billion euro.
Gestamp Automocion focuses on the design, development and production of metal components and structure systems for the automotive industry. The company's products portfolio includes skin panels and closure parts, structural and body components, chassis, bumpers and dashboard crossbeams, among others. Its customers include Volkswagen, Renault-Nissan, PSA, Daimler, General Motors and BMW, among others.
(1 euro = 1.95583 levs)