The Alicante aluminum factory has changed hands as Atlas Holdings Agua Amarga announced the sale of Aludium, the company it founded to oversee its plants and nearby facilities in the Basque Country and France, with the North American Jupiter Aluminum Company also involved in the transaction. Jupiter Aluminum is an industrial group with more than three decades of experience focusing on recycling aluminum.
The terms of the deal, which have not been disclosed, are expected to close in the second quarter of the year once all conditions are satisfied, according to a joint statement from the involved parties.
Atlas created Aludium in 2015 after acquiring factories from the multinational Alcoa, which was winding down its operations in Spain amid years of disruption and difficulties at several sites. From the outset, the fund aimed to modernize the facility, expand the plant’s capabilities, and diversify raw material sources. A key strategic move was to enhance scrap recycling to reduce dependence on external operators. One notable decision involved reopening the Alicante foundry, which had been shuttered for years.
Aludium’s Alicante sites have been pictured as part of the company’s broader portfolio. The site, described in reports as a point of pride for the region, has seen a steady push toward modernization and capacity expansion under Atlas’s ownership.
In the years leading up to the 2021 fiscal year, Aludium reported a strengthening financial trajectory. The last accounts filed in the Commercial Registry showed a turnover around 560 million euros and earnings of a bit over 36 million euros, though the figures cited may reflect partial data and post-pandemic market shifts that elevated aluminum prices. Subsequent autumn reports indicated Atlas’s consideration of divesting the asset to realize gains from eight years of ownership, a process that ultimately culminated in the sale to Jupiter. The objective highlighted was to grow the business in Europe through this deal.
Jupiter Aluminum, based primarily in Indiana and West Virginia, has owned Valencia-based Grupo Baux since 2018 and operates in aluminum production and finishing. Grupo Baux employs roughly 330 people and concentrates on processing and polishing aluminum, underscoring a broader strategy of expanding recycling-focused operations in North America.
With the new ownership, Aludium aims to secure its future as part of a larger industry group, enabling continued product innovation, enhanced service, and a stronger emphasis on aluminum recycling under a unified brand strategy. The works council at the Alicante facility indicated the new owner is a manufacturing company, not a fund or other investor seeking short-term gains, pointing to more stable, long-term commitments after prior sale attempts that faced challenges in Avilés and A Coruña.
Future investments are planned to boost capacity, including the construction of three new furnaces at an estimated total cost of around 11 million euros to improve facility output and efficiency.
Industry Perspective on the Change
Peter Bacon, Atlas Business Partner and Aludium board member, commented that the company had enjoyed a productive period under Atlas, with Aludium becoming an independent firm and expanding its recycling initiatives. He stated that now is the right moment for Aludium’s skilled team to advance with a new partner in the next growth phase.
The Alicante site also showcased operational progress, including the repair of key equipment after a fire incident, which was completed under the ongoing management. This milestone was documented by local media coverage, acknowledging the plant’s ongoing development and resilience.
Jupiter’s chief executive officer, Paul-Henri Knight, described the acquisition as a strong opportunity to complete and broaden current product offerings within the market. He highlighted Aludium’s positive trajectory following its collaboration with Atlas and stressed that the transition supports a strategic push toward decarbonizing production processes. Aludium’s leadership echoed these sentiments, emphasizing a long-term vision that aligns with sustainable manufacturing goals.
Presently, Aludium stands as a leading producer of rolled aluminum products in Europe, employing about 1,000 people across operations that include the Alicante facilities. Jupiter Aluminum Corporation, established in 1992 by Dietrich M. Gross and privately held, centers its production on recycled aluminum scrap. Its market focus includes construction, service centers, and agencies, reflecting a diversified portfolio within the aluminum sector.
[Citation: Atlas Holdings and Jupiter Aluminum press materials] The deal underscores a broader industry trend toward consolidation in recycled aluminum production and the strategic alignment of European and North American operations to strengthen supply chains and drive sustainable growth.