Russian Company Rusal Takes Over Aluminium Rheinfelden Group
The world’s leading aluminium producer Rusal is taking over the Rheinfelden Aluminium Group, a leading company in the aluminium industry, with its three business units Alloys, Semis and Carbon. With this conclusion, the prestigious German company, its great technical heritage and its workforce have a solid outlook for the future
After initial rumours leaked last January, the law firm Schultze & Braun officially announced on February 11th, 2021 that the Aluminium Rheinfelden Group has a new owner. Rusal, the world’s largest producer of primary aluminium, is taking over the Group, which had filed for provisional insolvency proceedings in autumn 2020 related substantially to low-price competition from Eastern Europe and the effects of the pandemic with the automotive industry temporarily halting production. According to the statements of many of the institutional stakeholders who have followed the latest events of the German company, by keeping production in Germany jobs are bound to be secured; Rusal wants to invest more in research and development, with a long-term strategic goal to further expand the manufacture of high value-added products and offer the customers solutions with recyclable products. “As a leading global aluminium producer, Rusal is an ideal partner and investor for Aluminium Rheinfelden”, restructuring managing director Detlef Specovius said in a statement. “The deal secures the future development of Aluminium Rheinfelden and its skilled workforce”.
On April 9th, 2020, Rusal has received the certificate of non-objection by the German Federal Ministry for Economic Affairs and Energy for the acquisition. Earlier, the deal had been approved by the German Federal Cartel Office (BKartA – Bundeskartellamt), the Germany’s national competition regulator. As clearance of all competent authorities has been granted, closing of the transaction will occur in accordance with the asset purchase agreement.
The goal was to find the best solution for the creditors and to preserve as many jobs as possible at the traditional location in Rheinfelden, where the company was founded in 1898, as stated by the many insiders who followed the final stages of the proceedings with great participation. The solution found was good for an iconic light alloy brand such as Aluminium Rheinfelden, and was also good for the buyer, the region and the employees. The buyer, Rusal, should keep the Rheinfelden site and preserve jobs, possibly even creating more; the company is attractive to Rusal thanks to its research successes and technical expertise, as stressed by more than 70 patents owned by Aluminium Rheinfelden according to the law firm’s statement. Roman Andryushin, sales and marketing director at Rusal said: “The Aluminium Rheinfelden Group is a respected producer of high quality alloys, semi-finished products and carbon-based products with strong business relationships with some of the world’s largest automotive manufacturers and leading industrial companies, the acquisition therefore offered exciting strategic development opportunities for Rusal. Our long-term strategic goal is to further expand the manufacture of high value-added products and offer our customers solutions with recyclable products.”