Elval received €75 million 10 year loan from the European Investment Bank (EIB), which will fund half of its new investment. Elval is ElvalHalcor S.A.'s aluminium rolling subsidiary and one of the world's largest aluminium rolling producers.
The first phase of ElvalHalcor’s five year investment program was completed by 2020. The new investment relates to the implementation of the second phase of the investment programme, which will cost an additional EUR 150 million, in order to meet increased production capacity targets in response to rising market demand for rigid packaging and other aluminium products, which is being fuelled by global megatrends.
On Wednesday, April 13, EIB President Werner Hoyer and Michael Stassinopoulos, chairman of ElvalHalcor's Board of Directors, confirmed their collaboration in Athens during a ceremony for the signing of the loan agreement. This investment, which includes a new cold rolling mill, a new lacquering line, and accompanying equipment, as well as a new melting furnace and slab processing debottlenecking, will help reduce overall footprint.
The first phase of the five year investment program was to progressively boost overall production capacity of flat rolled aluminium to more than 500,000 tonne per year, with the setting up of a four stand Tandem hot-rolling finishing unit in Oinofyta, Elval plant.
The deal sealed is the result of months of collaboration between Elval, ElvalHalcor's Aluminium Rolling Division, and the EIB as the firm strives to create a sustainable future through its products and activities. The European Investment Bank has contributed EUR 8 billion in private sector company investment in Greece during the previous decade.
"Increased productivity, innovation and extroversion are Elval's strategic growth pillars. The EIB loan enables the technologically pioneering investment plan of ElvalHalcor's Aluminium Rolling Division, enhances the presence of Greek manufacturing at the forefront of global mega-trends, contributing to circular and digital economy, energy transition and climate neutrality targets. I would like to personally thank ΕΙΒ and its President Werner Hoyer for their presence here today and for their continuous support of our efforts," said Michael Stassinopoulos, ElvalHalcor's BoD Chairman.
This investment, which includes a new cold rolling mill, a new lacquering line, and accompanying equipment, as well as a new melting furnace and slab processing debottlenecking, will help reduce overall footprint.
The plant's energy intensity reduction aims will be aided by the efficiency of new machinery and equipment, which will cut return rates and therefore reduce the plant's environmental and carbon footprint. It is projected to produce a total of 114 new employments, since it is fully aligned with Industry 4.0 concepts.
"The European Investment Bank is pleased to provide EUR 75 million new financing to accelerate investment in innovation, energy efficiency and recycling by ElvalHalcor. This visionary investment will strengthen sustainable production at one of Europe's leading aluminum companies as part of our broader support for transformational private sector investment across a range of industries," added EIB President Werner Hoyer.
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