Atlas Holdings announces the sale of Alludium to Jupiter Aluminium

On Monday, April 17, Group Atlas Holdings announced the sale of Alludium to Jupiter Aluminium, the US Corporation, an industrial group with more than 30 years of experience. According to both the buyer and seller, the purchase will strengthen Aludium's future as part of the industrial group, allowing it to continue its growth and focus on product innovation, service, and aluminium recycling. Sources claim that the company will continue running its brands within the conglomerate.

The two corporations emphasised in a joint statement that the operation, the specifics of which have not been published, is anticipated to materialise in the second quarter of the year, subject to the terms of the sale being fulfilled. Alludium was the company that Group Atlas Holdings established to manage the Agua Amarga facilities and its sister factories in Amorebieta in the Basque Country and Castelsarrasin in France.

“After a successful period of ownership in which Aludium became an independent company and expanded its recycling activities as a key driver of the business, it is now time for Aludium’s capable team to move into its next phase with a new partner. It’s the right time to grow,” said Peter Bacon, Atlas Operating Partner and member of Alludium’s Board of Directors.

After purchasing the plants from multinational Alcoa in 2015, North American fund Atlas ceased its activities in Spain following years of budget cuts and site issues. To lessen reliance on other operators, the fund decided to modernise the facility with fresh investments and diversify its sources of raw material supply. For instance, a choice made it possible for an Alicante foundry that had been shuttered for years to reopen.

By doing this, the business improved its financial results, reaching sales of 560 million euros and a profit of more than 36 million euros (excluding the French plant) in the fiscal year 2021, the last with accounts lodged at the Mercantile Registry. Specific statistics are corroborated by an increase in aluminium prices after the epidemic.

Information regarding Atlas' interest in selling the business first surfaced in the fall of last year. Atlas hoped to recoup its eight years of investing by capitalising on the prior year's strong performance. Alludium was eventually sold to Jupiter, who plans to use this transaction to grow its company in Europe as a result of the process.