SOFIA (Bulgaria), May 7 (SeeNews) - Etem Bulgaria, a unit of Belgium-based holding group Viohalco, and Gestamp have received clearance from the European and Turkish competition authorities for their investment agreement regarding the launch of two joint ventures, Viohalco said.
The transaction contemplated in the investment agreement was closed on April 24, Viohalco said in a statement published on its website.
Etem Bulgaria's two joint ventures with Gestamp, a leading global group specialised in the design, development and manufacturing of metal components and structural systems, will focus on the extrusion and processing of aluminium profiles for the automotive industry.
At the beginning of this year Viohalco said that an investment programme of some 30 million euro ($34.57 million) will be implemented in the next three years at the two JVs for the installation of a new extrusion line and related machinery for further processing of aluminium profiles in Bulgaria.
The investment will strengthen Etem Bulgaria’s position in the automotive sector and help ensure an adequate response to the increased demand for aluminium products due to recent developments in the automotive industry, Viohalco said at the time.
ETEM was founded in 1971. The company is the first integrated designer and producer of architectural systems and aluminium profiles for industrial applications in Greece.
Viohalco is listed on Euronext Brussels and the Athens Stock Exchange. Its units in Greece, Bulgaria, Romania, Russia, North Macedonia, Turkey, the Netherlands and the United Kingdom are specialised in the manufacture of aluminium, copper, cables, steel and steel pipes products. Viohalco's subsidiaries collectively generate annual revenue of 4.4 billion euro.
($ = 0.8930 euro)