Austria-based aluminium producer Amag states its acquisition of 70pc interest in German Aircraft Philip Group has neared completion. With the move, the company plans to add mechanical milling and drilling to its activities and produce speciality aluminium and titanium component, according to Amag’s operational results. In 2020, the producer estimates its EBIDTA to be EUR90-100mn.
In Q3 ending September, total shipments by the company dropped to 100,700mt from 110,500mt in the prior-year period. Its revenue thus declined by 22pc to EUR209.3mn. EBIDTA in Q3 stood at EUR20.4mn, down from EUR37.2mn in the prior-year quarter.
In the three quarters, Amag’s EBITDA dropped to EUR79.8mn($93.19mn) in the three quarters of 2020 from EUR109.2mn($127.52mn) the prior-year period.
The decline was on the back of COVID-19 related shifts in the product mix and volume reduction in Amag’s casting and rolling divisions.
| EUR (Million) | Q3/2020 | Q3/2019 | Pc Change | Q1-Q3/2020 | Q1-Q3/2019 | Pc Change |
| Shipments in mt | 100,700mt | 110,500mt | -8.9pc | 303,900mt | 336,500mt | -9.7pc |
| Of which external shipments | 94,200mt | 102,400mt | -8.0pc | 282,300mt | 310,600mt | -9pc |
| Revenue | EUR209.3mn | EUR266.9mn | -21.6pc | EUR673.2mn | EUR821.5mn | -18.1pc |
The company supplies aluminium cast and flat-rolled products in the aircraft, automotive, sports equipment, lighting, mechanical engineering sectors.
($1= EUR1.16)