The European Investment Bank has approved a ten-year loan of € 75 million to Elval, ElvalHalcor’s aluminum rolling stock, financing 50% of its new investment.
The first phase of ElvalHalcor’s five-year investment program with the aim of gradually increasing its total production capacity in aluminum rolled products to over 500,000 tons per year was completed in 2020, with the installation of the quadruple Tandem hot roller at Elval’s plant in Inofyta.
H new investment concerns the implementation of the second phase of the investment program with an additional 150 million eurosin order to meet the targets of increasing the production capacity of the plant, in order to be able to meet the growing demand for rigid packaging products and other aluminum products that are strengthened due to international magnifications.
This investment, consisting of a new cold roller, a new paint line with the corresponding equipment, a new demolition oven and increased capacity for tile production, will significantly contribute to reducing the overall footprint of the company. The performance of the new machines and related equipment will support the plant’s energy consumption reduction targets and reduce refund rates, thus reducing the company’s environmental and carbon footprint. The investment is fully in line with the principles of the 4th Industrial Revolution (Industry 4.0) and is expected to create 114 new jobs.
This new cooperation between the European Investment Bank and Elval, AlvalHalcor’s aluminum rolling sector, was announced in Athens on Wednesday, April 13, at the signing ceremony of the loan agreement by the President of the EIB, Mr. Werner Hoyer, and the Chairman of the Board. of ElvalHalcor, Mr. Michalis Stasinopoulos.
“Productivity growth, innovation and extroversion are strategic pillars of growth for Elval. The EIB loan establishes the technologically advanced investment plan of the ElvalHalcor aluminum rolling sector, strengthens the presence of the Greek industry in the first line of the world – “It contributes to the cyclical and digital economy, to the energy transition and to achieving the goal of climate neutrality. I would like to personally thank the EIB and its President Werner Hoyer for their presence and continued support of our efforts.” said Mr. Michalis Stasinopoulos, Chairman of the Board. of ElvalHalcor.
“The European Investment Bank is pleased to provide this € 75 million funding to accelerate ElvalHalcor’s investment in innovation, energy efficiency and recycling. This visionary investment will enhance sustainable production in one of the largest industries in the world. “in Europe, as part of our broader support for companies with private sector transformation investment,” he said. EIB President Werner Hoyer.
Elval is ElvalHalcor’s aluminum rolling mill and one of the leading aluminum rolling industries in the world. For almost 50 years, Elval has been recognized as the trusted partner and leading manufacturer of aluminum products with a wide portfolio of high quality products for markets such as packaging, construction & construction, shipbuilding, automotive, energy & heating-cooling-air conditioning . Through a strong commercial network in 21 countries, Elval exports over 80% of its production to more than 60 countries, offering sustainable and competitive solutions that meet the needs of even the most demanding customers worldwide.
Global growth in the field of sustainable development, such as climate neutrality and a clean circular economy, but also urbanization are important drivers of growth, increasing the demand for aluminum rolled products in various markets in which Elval is active. Aluminum is recyclable, sustainable and emits low carbon emissions as it is recycled. Aluminum cans are recycled permanently, with a “closed loop” recycling process without altering their properties and original quality.
Today’s agreement is the result of months of cooperation between Elval, ElvalHalcor’s aluminum rolling stock and EIB, as the company works to create a sustainable future through its products and operations.
Over the last decade. The European Investment Bank has provided 8 billion euros for private sector investments throughout Greece.
Source: Capital
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