Alumil shareholders gave the “green light” for the spin-off of the metal casting sector.
The president and CEO, George Mylonas, told “N”, that the sale of 70% of the new company to a foreign strategic investor is expected to be completed by the end of March 2025.
The name of the strategic investor has not yet been announced, but it is a multinational company.
For the implementation of the above plan, Alufond has already been re-established as a subsidiary with a balance sheet as of June 30, 2024.
The entry of a strategic partner concerns exclusively the foundry part and the revenues from the project will be allocated to the repayment of Alumil’s loan, which is managed by Cepal (servicer), as Alumil’s fixed goal is to disengage from the servicers as soon as possible.
Consolidated sales in 2024 at 430 million
Alumil is also expected to announce a series of new major projects to be implemented abroad in the next few days. According to the company, 2024 is another year of growth in operations and profitability.
At Group level, it is estimated that consolidated sales will reach 430 million euros compared to 404 million euros in fiscal year 2023 and consolidated operating profits (EBITDA) will amount to 50 million euros compared to 32 million euros in 2023.
