Sweden’s Granges said on Thursday it had agreed to buy Polish aluminium producer Aluminium Konin for 2.3-billion Swedish crowns ($239-million), expanding its presence in Europe and boosting its position in growth areas such as materials for electric vehicles.
The deal, subject to approval by competition authorities, values Aluminium Konin at 6.9 times its annual earnings before interest, tax, depreciation and amortisation (EBITDA), and Granges said it expected to close the transaction in the second quarter of 2020.