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SOFIA (Bulgaria), May 17 (SeeNews) - Spain-based Gestamp North Europe Services has completed the acquisition of major stakes in its Belgian peer Viohalco's aluminium profiles production and processing businesses in Bulgaria by increasing the capital of Viohalco's indirectly owned units, commercial register data showed.
Gestamp North Europe Services invested a total of 23.5 million levs ($13.4 million/12.0 million euro) in the capital increase of Etem Automotive Bulgaria and Etem Aluminium Extrusions, the capital increase documents entered into the commercial register on Thursday showed.
Etem Automotive Bulgaria's capital was hiked by 4.89 million levs to 9.59 million levs, while Etem Aluminium Extrusions' capital was increased by 18.58 million levs to 37.92 million levs.
Etem Automotive Bulgaria and Etem Aluminium Extrusions were spun off by Etem Bulgaria - a wholly-owned subsidiary of Viohalco, last month.
In addition to the capital increase, the two companies were renamed to Gestamp Etem Automotive Bulgaria and Etem Gestamp Aluminium Extrusions.
Following the capital increase, Gestamp North Europe Services controls a 49% stake in Etem Gestamp Aluminium Extrusions and a 51% stake in Gestamp Etem Automotive Bulgaria, according to SeeNews calculations.
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 and the Athens Stock Exchange. 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)