Liberty House has made a binding conditional offer of $500 million to acquire Rio Tintos Dunkerque aluminium smelter in northern France, the largest smelter in Europe.
The offer marks the start of a major expansion into continental Europe with ambitious plans to invest 2 billion ($2.38 billion) and develop the 570-worker plant in France, Liberty said in a release. It also falls in line with the companys strategy to become a major aluminium market participant.
We want to develop the plant into an international center of aluminium and downstream aluminium products expertise, demonstrating our green aluminium strategy. This investment will help fulfil our ambitions in the sector, further enabling us to capitalize fully on expected growth in demand for aluminium over the coming years, said Sanjeev Gupta, the owner of Liberty Houses parent company GFG Alliance.