Koutalidis Law Firm advised ETEM S.A. (“ETEM”) and ELVALHALCOR S.A. (a member of VIOHALCO group), in their strategic partnership with COSMOS ALUMINIUM S.A. (“COSMOS ALUMINIUM”).
The transaction consisted in the absorption of ETEM by COSMOS ALUMINIUM, resulting in the creation of a robust company in the field of aluminium extrusion, maximizing the benefits for the shareholders, staff and partners of both merging companies and creating a number of synergies and economies of scale between them – taking into consideration that the operations of the merged companies were complementary. Following the absorption of ETEM, COSMOS ALUMINIUM is expected to have a production capacity of more than 70,000 tons of extruded aluminium, a personnel of over 500 employees at group level and a projected annual turnover of over €300,000,000.
Koutalidis Law Firm advised ETEM and ELVALHALCOR in the negotiation and finalization of the transaction documents, including the merger agreement, which was executed on 06 April 2023 and published with the Commercial Registry on 07 April 2023.
As of the completion of the merger, ELVALHALCOR (being the sole shareholder of ETEM prior to its absorption by COSMOS ALUMINIUM) has entered COSMOS ALUMINIUM with a shareholding percentage of 15%, while the founding shareholders of COSMOS ALUMINIUM participate in the share capital with a percentage of 85%.