American Industrial Partners, through a wholly owned subsidiary, has announced the acquisition of ownership of the aluminum smelter located in Loon-Plage, France ‘Aluminium Dunkerque’.
Founded in 1991, Aluminium Dunkerque is the largest primary aluminum smelter in Europe, specializing in the manufacture of aluminum slabs and ingots, used in the transportation, automotive, aerospace, packaging, construction and building industries.
The acquisition was completed by foreclosing on the shares of Liberty France Industries 1 SA, previously provided to Aluminium Dunkerque, due to ongoing payments and other defaults. As a result, AIP is now the legal and beneficial owner of three legal entities in France: Liberty Industries France SAS, Alvance Aluminium Dunkerque SAS and Alvance Aluminium Service SAS. These three French companies own and operate Aluminium Dunkerque.
AIP’s ownership of Aluminium Dunkerque has been fully approved by the Bureau du contrȏle des Investissements étrangers en France (the FDI). AIP’s actions have also been completed in full compliance with applicable European Union merger regulations.
In July 2021, the High Court of Justice of England in the United Kingdom appointed independent administrators for the UK holding company that previously owned Aluminium Dunkerque. The purchase consideration for Aluminium Dunkerque will be determined in due course by an independent valuation carried out in Luxembourg by a suitably qualified valuation firm.
AIP intends to continue to operate Aluminium Dunkerque alongside the existing local leadership team and does not anticipate any disruption to normal business operations, including customers, suppliers and employees. AIP expects to raise additional capital to support the business in the future.
