Alba and American Industrial Partners Enter Into an Exclusive Agreement for Alba to Acquire Aluminium Dunkerque
Manama, Bahrain / New York, USA / Dunkerque, France – 02 March 2026 – Aluminium Bahrain B.S.C. (“Alba”), the world’s largest aluminium smelter at a single site, and AIP VII EUROPE S.a.r.l., a wholly owned subsidiary of AIP Fund VII, managed by American Industrial Partners (“AIP”), today announce that they have entered into an exclusive agreement under which Alba will acquire 100% of Aluminium Dunkerque, the European Union’s largest primary aluminium smelter.
The proposed transaction marks an important new chapter for Aluminium Dunkerque and secures a long-term industrial owner committed to its continued development in France and Europe.
A strengthened industrial leader in Europe
Based in Loon-Plage in the Dunkerque region, Aluminum Dunkerque produces ~300,000 tonnes of aluminium per year. With advanced automation, integrated production capabilities, and a robust foundation of skilled talent, Aluminium Dunkerque is well positioned to benefit from Europe’s growing demand for sustainably produced aluminium.
Under AIP’s ownership, and thanks to the leadership of an experienced management team and the commitment of its highly skilled employees, Aluminium Dunkerque has transformed its operational reliability and energy efficiency, strengthened its financial performance, secured long-term electricity supply agreements with EDF and others, invested in productivity and modernization, and reinforced its position as one of the lowest-carbon primary aluminum producers in Europe.
Today, Aluminium Dunkerque stands as a strong, competitive, and future-ready industrial platform, serving strategic sectors including automotive, aerospace, defense, construction, and packaging, in France and throughout Europe.
Alba’s long-term industrial vision, anchored in France
The proposed transaction would bring Alba and Aluminium Dunkerque together to form a geographically diversified industrial group with an operational footprint across regions, expanding both companies’ global customer base.
Alba intends to pursue a long-term industrial strategy anchored in France and led locally, focused on operational stability, continued investment and sustainable innovation.
Alba brings decades of experience operating large-scale smelting facilities, deep technical expertise, and a disciplined capital approach, backed by a stable long-term shareholder base. In acquiring Aluminium Dunkerque, Alba commits to ensuring the continuity of its existing operations, preserving employment and critical industrial capabilities, reinforcing low-carbon production, and supporting France’s and Europe’s energy transition and industrial sovereignty objectives. Alba further commits to maintaining Aluminium Dunkerque’s established standards of safety, reliability and operational excellence.
Aluminium Dunkerque’s strategic European location, advanced industrial capabilities, and attractive energy profile complements Alba’s scale and global reach. Together, the companies’ combined footprint across Europe and the Gulf Cooperation Council (GCC) region strengthen supply chain resilience and position the group to meet growing global demand driven by electrification, sustainable construction and the global energy transition.
Khalid Al Rumaihi, Chairman of Alba, said:
“Building on Alba’s position as a global supplier serving five continents, this transaction represents a bold and forward-looking step in our strategic roadmap to build a globally connected, low-carbon aluminium platform with operational strongholds in the GCC and Europe. By combining Alba’s and Aluminium Dunkerque’s established strengths, we intend to create a new industrial powerhouse for cross-regional collaboration rooted in shared values and a commitment to innovation and responsibility. As global aluminium demand accelerates, this partnership will enable Alba and Aluminium Dunkerque to build an integrated platform that will capture compelling market opportunities while contributing to Europe’s industrial resilience and the global decarbonisation agenda.”
Ali Al Baqali, CEO of Alba, added:
“Our commitment is long-term. We will ensure operational continuity, support employees and expand low-carbon production capabilities to advance Aluminium Dunkerque’s next phase of development in full alignment with France’s industrial and energy priorities.”
Zac Carson, Partner at AIP, said:
“Following a rigorous and competitive process, we are confident that Alba – one of the world’s leading and most technologically advanced primary aluminium producers – is the right long-term owner to build on the transformation achieved over the past five years and to further strengthen Aluminium Dunkerque’s strategic role within Europe’s industrial value chains. Alba maintains a singular focus on aluminium smelting, has excellent access to critical alumina, and has the strong balance sheet and cash flows required to sustain growth in the decades ahead.”
Guillaume de Goÿs, CEO & President of Aluminium Dunkerque, commented:
“Over the past five years, American Industrial Partners has been a supportive partner to Aluminium Dunkerque’s management as we re-established our company as a top industrial performer. Today, we look forward to welcoming Alba as our new long-term industrial owner. As one of the world’s leading primary aluminium producers, Alba brings deep technical expertise, operational excellence, and a clear commitment to low-carbon aluminium production that aligns perfectly with our ambitions. This new chapter will provide us with many new opportunities, along with the financial and technical resources to continue investing, innovating and reinforcing Aluminium Dunkerque’s role in France and Europe.”
Working collaboratively with Aluminium Dunkerque’s management, workforce, unions and local and national authorities, Alba will ensure continuity and renewed confidence for all stakeholders, while deepening its industrial partnership with France.
Transaction overview and next steps
The consideration for the acquisition will be payable in cash, and the funding of the acquisition will be fully underwritten by a syndicate of relationship banks. The transaction remains subject to the execution of definitive transaction agreements and the satisfaction of customary closing conditions, including competition and other regulatory clearances. Alba will continue to update the market in accordance with its disclosure obligations on the Bahrain Bourse and London Stock Exchange, and applicable regulatory requirements.
As part of this transaction, Alba is willing to offer a shareholding position to Bpifrance, with a view to further building up a strategic partnership, in support of the long-term, sustainable development of Aluminium Dunkerque. Discussions have been initiated with Bpifrance and will be pursued in the coming days.
Closing of the transfer is subject to the normal consultative process with the Aluminium Dunkerque works council and unions, FDI approval from the French State, and EU Antitrust and FSR approval, which are expected in due course. Closing is expected in 2026.
AIP was represented in this transaction by Goldman Sachs, Société Générale and Messier & Associés as financial advisors, and Jones Day and Baker Botts as lawyers.
Alba was represented in this transaction by Rothschild & Co as financial advisor, and White & Case LLP and BDGS Associés as lawyers.
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AIP media contacts: Brunswick Group
Nicolas Grange | +33 6 29 56 20 19 | [email protected]
Paul Priam | +33 84 39 09 89 | [email protected]
Alba media contacts: Teneo
Virginie Christnacht (Paris) | +33 7 77 29 13 54 | [email protected]
Arnaud Jacques (Paris) | +33 6 25 64 01 11 | [email protected]
George Allen (Dubai) | +971 56 609 6749 | [email protected]
About AIP
American Industrial Partners is an operationally-oriented industrials investor with approximately $17 billion in assets under management. AIP seeks to achieve differentiated returns by investing in quality industrial businesses with strong management teams and working with those teams to implement transformative Operating Agendas to build long-term value. The AIP team has deep roots in the industrial economy and has actively invested across three economic cycles. AIP has completed over 145 platform and add-on acquisitions and invests in all forms of corporate divestitures, management buyouts, recapitalizations, and going-private transactions of established businesses with sales greater than $500 million. Current AIP portfolio companies generate aggregate annual revenues of approximately $29 billion and employ 72,000+ employees as of September 30, 2025.
About Aluminium Bahrain B.S.C. (Alba)
[Ticker: ALBH]
A Global Aluminium Leader: At plus-1.623 million metric tonnes per annum (mtpa) (2025), Alba is a world-leading aluminium smelter with a proud 50-year legacy in operational excellence, safety, environmental responsibility, and community development.
Trusted Partner: A cornerstone of the Bahrain’s economy, Alba produces high-quality aluminium, including standard and value-added products, which are exported to over 280 customers globally. With sales’ offices in Europe (Zurich), Asia (Singapore), and a subsidiary in the U.S., Alba is a reliable partner on the world stage. Alba is dually listed on Bahrain Bourse and London Stock Exchange and its shareholders are Bahrain Mumtalakat Holding Company B.S.C. © (69.38%), Saudi Arabian Mining Company (Ma’aden) (20.62%) and General Public (10%). Alba prioritises the highest quality standards, reflected in its certifications: ISO 9001 (quality), ISO 14001 (environment), ISO 27001 (information security), ISO 45001 (occupational health and safety), and ISO 18788 (security operations management). Additionally, Alba demonstrates its commitment to responsible manufacturing through certifications like IATF 16949 (automotive quality), ISO 22301 (business continuity management), ASI Performance and Chain of Custody Standards, and a top 1% Platinum sustainability rating from EcoVadis.
Pioneering Sustainability: As the first aluminium smelter in the Middle East, Alba is central to Bahrain’s thriving downstream aluminium sector, contributing significantly to the Kingdom’s GDP. Committed to social responsibility, Alba employs a workforce that is 87% Bahrainis (2024) and invests heavily in employee training and development. Alba also plays a crucial role in the Aluminium Downstream Park, therefore increasing the contribution of non-oil sectors to the GDP of Bahrain. Alba has been recognised for its initiatives to produce Aluminium responsibly through awards such as Top ESG performer in Bahrain by ESG Invest, Safeguard Label from Bureau Veritas and Best Corporate Governance Award by Ethical Boardroom.
Recognised for its environmental practices, social contributions, and corporate governance, Alba launched a comprehensive ESG Roadmap in 2022 focusing on 6 priority areas: (1) Decarbonisation, (2) Green Energy & Aluminium, (3) Circular Economy & Secondary Aluminium, (4) Employee Welfare, (5) Collaboration & Partnership and (6) Transparency, Communications & Due Diligence. Since its inception, Alba has invested into numerous environment, sustainable and socio-economic development projects that have had a positive impact on the society. Alba’s first-of-its-kind US$37.5 million zero-waste Spent Pot Lining Treatment Plant, Power Station 5 Block 4 Project, and the upcoming +6 MW Solar Farm Project are tangible initiatives aligned with Bahrain’s Net Zero Carbon Targets by 2060 led by HRH the Crown Prince and Prime Minister of Bahrain. Specifically, Alba’s PS5 Block 4 is a new 680.9-megawatt (MW) combined-cycle power plant that expands the existing PS5 facility. Block 4 has increased the nameplate capacity of PS5 Complex from 1,800 MW to 2,481 MW and is reducing the Company’s overall GHG emissions intensity ratio by 0.5 tonnes of CO2 per 1 tonne of aluminium produced.
In a significant step towards its ESG goals, particularly its commitment to a circular economy and secondary aluminium, Alba introduced EternAlTM, its new line of low-carbon aluminium products. Launched in May 2024, EternAl offers two product series with multiple variations to meet diverse customer needs: one featuring recycled content, and the other integrating verified in-house carbon offsets.
Safety First, Always: Guided by the motto “Safety First, Safety Always,” Alba prioritises the well-being of its employees and contractors. The Company achieved a record-breaking 44 million safe working hours without a lost-time injury in February 2026. The Company has been recognised internationally for its excellent Safety and Health track record with awards such as the RoSPA’s Lifetime President and President Awards (10+ Gold Medal Awards), the British Safety Council’s International Safety Award with Merit along with 5-Star Audit Rating, as well as numerous awards from the National Safety Council (NSC).
Alba Stakeholder Engagement Plan
Alba prioritises open communication with all its stakeholders, including the community, environmental and social groups. Through its Stakeholder Engagement Plan, the Company proactively addresses environmental and social impacts of its operations, outlining clear mitigation controls. Alba also maintains an external Grievance Mechanism accessible through the Code of Conduct, allowing stakeholders and the public to voice concerns and raise issues.
Scan the above to Alba’s Stakeholder Engagement Plan
Alba’s External Grievance Mechanism
Alba prioritises ethical conduct and environmental responsibility. Stakeholders, employees, contractors, and the community can confidentially report any potential breaches of Alba’s Code of Conduct or raise concerns about environmental and social impacts through the Alba Integrity Line. This independent, multilingual hotline operates 24/7 and is accessible via a toll-free phone number, the company intranet, or the website at www.albasmelter.com.
Scan the above to Alba’s Code of Conduct
For further details, please contact:
Eline Hilal
Director Investor Relations & Insurance
Investor Relations Department
Tel: (973) 1783 5100
E-mail: [email protected]
Website: www.albasmelter.com
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