What does the big deal Cosmos Aluminum – ETEM mean for the aluminum market?

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Of Thanks to Floudopoulos

Cosmos Aluminum is one of the most impressive success stories of the Greek industry, as the company based in Larissa has managed to emerge internationally as one of the most technologically advanced companies in the field of industrial aluminum profile, with the main feature of extroversion and the clear its export character.

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At the same time, ETEM, which until today belonged to the group of ELVALHALCOR and Viohalco, is one of the traditional forces of the architectural aluminum profile, with a strong brand and presence in the Greek market that exceeds 50 years.

The two companies, after a period of discussions that lasted several months, decided to join forces. To be precise, what was agreed is the contribution of ETEM from Viohalco to Cosmos Aluminum with the simultaneous entry of Viohalco in the share capital of Cosmos as a minority shareholder.

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The signing of the relevant memorandum of cooperation was announced last Friday, however, in order to complete the process and create the new scheme with the absorption of ETEM and the entry of Viohalco in the share capital of Cosmos, a period of 5 to 6 months will be required. .

Due diligence is expected to start in the next few days and a series of other procedures required to complete the agreement will follow.

With the completion of the absorption of ETEM by Cosmos, a new very strong shape is created in the field of aluminum profiles. It is worth emphasizing that the two companies are completely complementary to each other as Cosmos is active in the field of industrial aluminum profiles, and ETEM in the architectural profile.

Essentially, with the absorption of ETEM, Cosmos fulfills the goal it had set to enter the field of architectural profile and the construction sector, where ETEM is among the 3 largest players in the Greek market with a significant presence abroad as it is among the largest industries. SE Europe, with a production unit and commercial presence in Greece and commercial subsidiaries in Bulgaria, Romania, Serbia and Ukraine and exports to more than 57 countries.

It is underlined that the absorption creates a powerful new market player: ETEM on a consolidated basis in 2021 had a turnover in excess of 75 million euros while Cosmos Aluminum at 150 – 160 million euros.

The aim of the new scheme is to create a group that in 2023, probably already from 2022 will show sales of 300 million euros and at the same time will be financially sound with extremely low borrowing, in contrast to the largest competitors in the domestic market.

According to market sources, with the agreement and the merger, a strong and healthy market player is created who will have the opportunity to invest in the architectural, construction and industrial profile, continuing the upward course of the two companies.

It is worth noting that ETEM in the past due to the crisis in the construction market had a negative sign, however for this year having completed the implementation of a plan of transformation and improvement of performance, is expected to be profitable.

Core Capital Partners, the company that served as a consultant for Cosmos, played a key role in achieving this win-win deal that creates a new “champion” in the aluminum profile.

From the side of Viohalco was decisive the contribution of the current CEO of ETEM Michalis Panagi, executives with extensive experience in similar projects and in the past had undertaken to carry out turnaround companies (Eurodrip, Selonda) which were later acquired or merged with others.


In order to make the agreement possible, it was necessary to successfully complete the restructuring plan of ETEM with priority on the operational reorganization of the company but also the expansion of the product portfolio and the increase of the market share.

Among other things, a plan was implemented to increase the productive activity and modernize the ETEM factory with the introduction of innovative products and solutions.

What is Cosmos Aluminum?

The company was created in the summer of 2007, when its founders recognized the need of the global aluminum market for quality services. Behind the company is X. Cantonias, former shareholder and founder of Biocarpet.

The company started producing aluminum profiles in 2008 and since then is ranked among the most advanced companies in the industry in Europe based on the quality of its technological equipment. At the same time COSMOS Aluminum is in the first place of the market in Greece.

Today COSMOS Aluminum operates in full development 3 extrusion lines that provide a production capacity of 42,000 tons, production much higher than the corresponding existing competing production units.

Along with its modern technological equipment, the industry can handle aluminum alloys of almost all types (even specialists).

Finally, it is worth noting that the company is focusing on new technology investments with the latest creation of a robotic technology warehouse of matrices with a capacity of more than 6000 matrices and an automatic system of handling and placement of matrices for production, which minimizes downtime and error margins. .

Source: Capital

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