MBK completes Altemira acquisition after clearing Japan's security review

Stock image for referential purposes only

MBK Partners has completed the acquisition of Japanese aluminium packaging producer Altemira Holdings, a deal that successfully cleared Japan's economic security review process.

The private equity firm acquired a controlling stake in Altemira from Apollo Global Management. The transaction was valued at approximately JPY 130 billion (USD 811 million) on an enterprise value basis.

The deal comes just weeks after MBK withdrew from its planned acquisition of Makino Milling Machine, which faced objections from Japanese authorities over national security concerns.

According to industry sources, both transactions were reviewed under Japan's foreign exchange law, which requires government approval for foreign investments in sectors considered important to national security and public safety.

Altemira was formed in 2022 through the integration of parts of the aluminium operations of Resonac Holdings (formerly Showa Denko) and Mitsubishi Materials.

The company manufactures aluminium cans, aluminium foil, rolled products and extruded products. It also operates a recycling network that covers used beverage can collection, processing, casting, rolling and can production.

Because some of its businesses supply materials used in lithium-ion batteries, the acquisition was subject to review by Japan's Ministry of Economy, Trade and Industry and the Ministry of Finance.

Japan expanded its list of sectors requiring pre-review in 2023, adding industries linked to batteries, battery materials, manufacturing equipment, machine tools and industrial robots.

Explore: The most comprehensive and forward-looking industry-focused report – Global Bauxite & Alumina Market Forecast to 2036: Supply–Demand, Trade Flows & Price Outlook

MBK received approval for the Altemira deal after a review process that lasted around two months.

The outcome differed from MBK's proposed acquisition of Makino Milling Machine. Earlier this year, MBK planned a tender offer for all shares of Makino at JPY 11,751 (USD 73.36) per share. However, the Japanese government recommended halting the acquisition process because Makino's machine tools can be used in defence-related manufacturing.

Industry observers said the different outcomes were largely driven by the nature of the technologies involved.

While Altemira has some exposure to battery materials through products such as aluminium foil, most of its business is focused on packaging, aluminium processing and recycling activities. Japanese authorities appear to have concluded that the acquisition posed limited risks from a defence technology perspective.

Makino, by contrast, produces high-precision machine tools that can be used in the manufacture of aircraft engines, missiles and other defence-related equipment, making the transaction more sensitive from a national security standpoint.

Following the acquisition, MBK is expected to leverage Altemira's aluminium can and foil manufacturing operations, as well as its production facilities in Vietnam, to support its expansion across Asia.

The company is also expected to focus on increasing sales of higher-value industrial aluminium products as part of its growth strategy.

Explore our e-magazine ALuminium LeaderSpeak 2026 for the latest industry insights and trends