Dubai International Capital will retain the existing management team and further support the global growth strategy pursued by Almatis.
Sameer Al Ansari, Executive Chairman and Chief Executive Officer of Dubai International Capital said "We are delighted to be making this announcement today. Almatis is the global leader for specialty alumina . We view this acquisition as an important milestone in the evolution of Dubai International Capital Private Equity and reinforces our position as a partner of choice for private equity owners and management teams alike."
Almatis, headquartered in Frankfurt, Germany, is the global leader in the research, development and production of specialty alumina materials used in various industrial manufacturing processes such as steel refractories, ceramics and flame retardants. Its modern global manufacturing capability spans three continents, with eight manufacturing facilities in Germany, the Netherlands, the United States, Japan, China and India, and employing over 900 people.The company expects to grow its presence in China, Russia, India, Brazil and the Middle East. Almatis has already launched an expansion program to raise its global capacity by almost 20 per cent to around 750,000 tonnes by 2010. The company's growth prospects are robust, as the majority of future growth in the alumina refractory market is driven by global steel volumes produced. Global production of steel is expected to grow at a Compound Annual Growth Rate (CAGR) of 5 per cent from 2006 to 2012 and most of the growth is anticipated to come from the Middle East and Asia, whereas China alone is forecast to grow at a CAGR of at least 10 per cent. Almatis is the only producer in China, having established manufacturing operations since 2001, which were recently significantly expanded. The company is already looking to further expand capacity to consolidate its presence in that market.
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