Metal Exchange Corporation (MEC) has announced a new joint venture with Novellini Industries, located in Mantova, Italy.
The newly formed company called novALmec presents an impressive aluminium billet supply capability to the European market.
Metal Exchange Corporation brings into the venture its worldwide procurement network in aluminium scrap markets, four decades of expertise from its billet casting facilities in the US, and strong billet sales and marketing capability. Novellini is contributing its 22,000mt. state-of-the-art foundry for the production of secondary aluminium billets, including its upstream scrap processing facility and a solid base load demand.
The newly formed venture is expanding the casting facility to 33,000mt with the added production scheduled to come on stream early 2020. “The combined capability that the partners bring to novALmec along with the expanded capacity provides a strong supply offering to serve our current and potential customers,” said Friedhelm Grobler, Managing Director with Metal Exchange International-Zurich.
“With this being our first investment in an overseas manufacturing facility, the selection of our partner was crucial,” said Mike Lefton, Chairman and Chief Executive Officer of Metal Exchange Corporation. “With both companies being privately held, second generation family owned businesses with identical shared values of safety, integrity, and respect, it seemed like the perfect fit,” said Lefton.
Rick Merluzzi, President and Chief Operating Officer of Metal Exchange Corporation added, “This is an important investment to strengthen the MEC European market position and it is part of our overall global strategy. This investment along with the recent opening of our Singapore office, and our existing offices in Zurich, Shanghai, and St. Louis strengthens our global footprint.”