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[United States]
Posted on : Feb 07, 2009

At the very last moment, the 58 employees of Belgian aluminium recycling company
Alumet-Motormet can keep their position. The Gistel-based recycling specialist
of aluminium based engines was in deep water, and was declared bankrupt by the
regional court at January 27.

According to the administrators, there were several takeover offers – but
negotiations were not easy. Alumet-Motormet was saved by the bell by
French-Belgium Group Galloo who takes over the aluminium recycler and smelter,
including its total workforce and current activities. The family company
Alumet-Motormet started its activities in 1977, and had rapidly become a main
player in its niche market. Bad market circumstances are said to be the main
reason of the company’s collapse.

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