Signed on Friday, 6/5/2022, after negotiations, a memorandum of cooperation between COSMOS ALUMINUM SA and ETEM SA which provides for the merger by absorption of the second company from the first and the VIOHALKO group to acquire an indirect minority percentage of COSMOS AL
The consequence of the merger is the creation of a very strong company in the field of aluminum extrusion with the main goal of maximizing the benefits for the shareholders, staff and associates of the companies as there are expected to be a number of synergies and economies of scale, as noted in a statement. COSMOS.
The company with the new scheme is expected to have a projected turnover of over 300 million and a total production capacity of over 70,000.
COSMOS ALUMINUM SA was founded in 2007 by Xenophontas, Giannis and Theodoros Cantonias based in Larissa. At the end of the summer of 2008 he started the production of aluminum profiles. Today, it operates 3 extrusion lines with the prospect of increasing to 4 next summer with the culmination of the investment program that runs with a total value of € 47 million and employs about 200 people while exporting 99% of its production to international markets.
ETEM is the first company to design and produce complete aluminum systems in Greece while applying the first glass curtain in a high building, in the early 1970s, in the famous Tower of Athens. This was followed by international recognition in 1988, after her participation in the construction of the emblematic Arc de la Defense, in the center of the French capital. The company started its production activity in the 60’s as “Athens Aluminum” while it was renamed to “Light Metal Company” (ETEM) in 1971. Today it operates in addition to the Greek market and in Bulgaria, Serbia, Romania and Ukraine with subsidiaries.
Financial advisor of this transaction is CORE CAPITAL PARTNERS SA.
Source: Capital
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