EGA acquires majority stake in Spectro Alloys

Emirates Global Aluminium (EGA), the largest industrial company in the United Arab Emirates outside oil and gas and the biggest ‘premium aluminum’ producer in the world, today announced it has acquired a majority stake in American aluminum recycling firm Spectro Alloys. The acquisition will accelerate EGA’s global expansion into aluminum recycling and expand EGA’s business in the United States. EGA acquired 80 percent of Spectro Alloys. The current owner-managers retained a 20 percent shareholding.

Spectro Alloys is a leading recycled aluminum alloy producer in the United States, founded in 1973, and based in Rosemount, Minnesota. The company has an annual production capacity of 240 million pounds per year of aluminum foundry alloys. Aluminum recycling at Spectro generates more than 95% in CO2 and energy savings compared to creating new aluminum. Spectro’s direct CO2 savings is equivalent to removing more than 80,000 cars from the road, and Spectro’s direct energy savings could power more than 200,000 homes.

Earlier this year, Spectro broke ground on a $71 million recycling expansion project that will result in nearly 120 million pounds per year of additional recycling capacity and create up to 50 new full-time jobs. The first phase of this project will be completed in 2025.