H.I.G. Europe completes aquisition of Rio Tinto’s ALTEO Alumina Unit

H.I.G. Europe (“H.I.G.”) today announced the closing of its acquisition of the Specialty Alumina business of listed global mining firm Rio Tinto Group. With effect from 1 August 2012, the new group will be renamed ALTEO.

With turnover of nearly €300 million, ALTEO is the leading global integrated producer and supplier of specialty non-metallurgical grade alumina. In recent years, ALTEO has faced a number of challenges and undergone significant transformations, particularly in terms of development of high value added products.

H.I.G. intends to use its resources to reinforce and accelerate, with the management team, the planned development of the business.

“The acquisition by H.I.G. fits perfectly within the framework of the growth project that we have initiated. We share with H.I.G. a common desire for sustainable and international development in order to consolidate our position as the global leader,” said Frédéric Ramé, General Manager of ALTEO.

“We are very proud to have carried out this significant transaction that falls within our strategy of supporting SMEs in their development. With its recognised industrial know-how, first-rate R&D capabilities and an unequalled range of products developed by a top-quality management team, ALTEO has all the necessary components to successfully execute its market penetration strategy,” commented Olivier Boyadjian, Managing Director of H.I.G. Capital in France.