Acquisition of Fesil Rana Metall approved
Elkem’s acquisition of Fesil has now been approved by the Competition Authority in Norway. The new company’s name will be Elkem Rana AS.
In August, Elkem agreed to acquire Fesil Rana Metall AS, as well as the company’s 33% ownership share in Nor-Kvarts AS, a company of which Elkem already owned the rest. Now this acquisition has been approved by the Competition Authority.
Fesil Rana Metall AS has been 100% owned by Fesil AS, a subsidiary of M FC Bancorp LTD, until the acquisition. Fesil is located in Mo i Rana, Norway, and produces ferrosilicon, which is used as an additive in steel production. Fesil Rana Metall AS has appr. 100 employees and exports nearly all its production. Its 2015 turnover was 910 mNOK.
Nor-Kvarts AS, which until recently was a co-ownership between Elkem and Fesil AS, is a company operating five production sites for quartz in Spain. Elkem is one of the world’s leading companies of environmentally friendly raw material production, and its main products are silicon, silicones, ferrosilicones, cast allys, carbon materials and micro silica.
The acquisition of the Rana-based company is a part of Elkem’s strategy for growth and increased production flexibility, and now that the acquisition has been approved by the CA Elkem will start the process of integrating the new Elkem Rana AS into its organization.
The main office of Elkem lies in Norway, however, the company is present in more than 50 countries around the world and has 22 production facilities, two research centers and sales offices. They are owned by the Chinese corporation China National Bluestar.