Russian Company «Rusal» Has Bought a Loss-Making Aluminum Factory in Germany
OREANDA-NEWS. The Russian company «Rusal» has bought the assets of the German company «Aluminium Rheinfelden GmbH» in the city of Rheinfelden (Baden-Württemberg). The deal has been approved by the authorities, Chief Mayor of Rheinfelden Klaus Eberhardt said on Thursday, April 8. The German Ministry of Economy and Energy has not yet provided an official confirmation.
The chief mayor called the approval of the deal by the Federal Agency for Cartels understandable. The plant will continue to produce aluminum steadily, the Russian side assured. In addition, the new owner promised to return to the company already dismissed employees.
The German company, which is the leading aluminum producer in the country, in September 2020, due to the impending insolvency, resorted to one of the forms of bankruptcy proceedings provided for by German law. The management of the unprofitable enterprise tried to prevent the transaction with the Russian side, considering the sale of the plant to a group of investors as a more attractive option.