Dubai’s DIC to sell its German alumina firm
11 Jan 2015
(MENAFN) Dubai International Capital (DIC) announced it is launching the sale of Almatis , its German alumina products maker, as the fund seeks to reduce its assets, Arabian Business reported.
Almatis, which is around 80 percent owned by DIC, with a stake also held by Blackstone unit GSO Capital Partners, had earnings of around USD100 million in 2014, while the company itself is valued at USD750 million.
Almatis, an acronym for “Alumina Materials, Innovative Solutions”, makes alumina for the refractory, ceramic and polishing industries and has 1,150 employees, with the company posting sales of USD550 million in 2013.
DIC bought Almatis in 2007 for USD1.2 billion from Rhone Capital and Teachers’ Private Capital, the private investment arm of the Ontario Teachers’ Pension Plan but now the company is planning to sell the firm as demands for its products declined due to the decrease in global economy.