DADA Holdings LLC, Concord Resources Ltd. and Invitalia acquire Slim Fusina Rolling S.r.l through their newly merged Niche Fusina unit, Italy

Niche Fusina Rolled Products S.r.l. (Niche Fusina), a newly conjugated Italian company commissioned under partners of DADA Holdings LLC (DADA), Concord Resources Limited (Concord) and Invitalia-Agenzia Nazionale per l’attrazione degli investment e lo sviluppo d’impresa S.p.A. (the National Agency for Inward Investment and Economic Development in Italy, Invitalia) , obtained the business unit of Slim Fusina Rolling S.r.l. (Slim Fusina), which mainly deals with the production and sale of aluminium alloy rolled products. The acquirement took place on March 31, 2022, through an extremely tremulous procedure and was judged under the ‘composition with creditors proceeding’ (procedura di concordato preventivo), which was pending before the court of Venice - Bankruptcy Section.  

Niche Fusina flaunts a vertically integrated operational venture with cast house, rolling mills and finished lines, with 248 employees on payroll. It has a rolling capacity of at least 75,000 tonnes per year and a slab production capacity of 95,000 tonnes per year. Fusina has been absolutely engrossed for more than half a century now, producing high quality medium and hard alloy plates, shates and sheets in Europe’s epicentre, satisfactorily serving customers in the marine, commercial transportation, automotive and general industrial sectors worldwide.

The owners have proudly assisted Slim Fusina through the first part of its concordato process (18 months), looking after their production and deliveries so that the customers’ needs are not ignored due to the pandemic. As Slim Fusina’s business unit has now morphed into a fully independent company in an essential hub of metal engineering situated at the heart of the modern European aluminium supply chain, it hopes to become a leading, reliable, high quality and sustainable producer of aluminium rolled products.

With the integration of Niche Fusina, DADA is returning to the aluminium rolling mill business after seven long years from its sale of Wise Metals to Constellium in 2015 for US$1.4 billion. At that moment in history, Wise Metals had been the third largest producers of aluminium can stock for the beverage industry. The change of ownership would let Slim Fusina to reconstruct its sustainability agenda and also make them responsible for the workers of the Veneto Region. Mr. Vincenzo Zinni has been designated as the new Chief Executive Officer of the Niche Fusina.

 DADA Holdings is an investment and management company that makes control and passive investments in various industries. DADA’s control investments include:

1. Element US Minerals, which is developing a U.S. processing facility to extract critical minerals, including rare earths, from residual bauxite
2. NICHE European Holdings, which owns, along with Niche Fusina, specialty minerals businesses
3. Niche Fused Alumina in La Bâthie, France
4. Niche Fused Magnesia in Hull, England
5. Renew Recycling, a ferrous and non-ferrous metal processing and recycling business with operations in the South Eastern U.S.

Concord deals in commodity products with a focus on non-ferrous metals and associated minerals. Concord was founded in 2015 by its senior management in partnership with entrepreneurial and experienced natural resource investors from around the world. Concord is the majority owner of Atlantic Alumina Company, which operates in Louisiana and Jamaica.

Invitalia is owned by the Italian Ministry of Economic Development and aspires to boost Italy’s economic growth, focusing on strategic sectors for development and employment. It is keen on awakening crisis areas and managing all national incentives and finances (small to large projects), targeting entrepreneurs with concrete development plans, especially in innovative and high added-value sectors. Invitalia provides services to the Public Administration for timely disbursement of EU and national funds, as well as in promoting cultural heritage.