Elkem focuses on refractories growth with KeyVest acquisition

June 29, 2022

Elkem has acquired KeyVest to grow its refractories business (Courtesy Elkem)
Elkem has acquired KeyVest to grow its refractories business (Courtesy Elkem)

Advanced materials supplier Elkem SA, Oslo, Norway, reports that it has acquired KeyVest Belgium S.A, based in Grâce-Hollogne, Belgium. The company specialises in the sourcing of materials and production of metal powders for the refractory industry and other segments including advanced ceramics.

KeyVest will be acquired from a subsidiary of Holta Invest AS, a privately held investment company headquartered in Oslo, Norway. The transaction closed on June 20, 2022, and the new name of the entity will be Elkem Processing Services Belgium.

Refractories are designed to withstand very high temperatures and are therefore suitable for use in furnace linings for the steel, cement, and aluminium industries. Elkem offers a wide portfolio of high-quality products for the production of advanced refractory and ceramic products globally. The KeyVest acquisition will further support and expand this offering.

KeyVest was established in 2007 as an independent processing and milling company of silicon carbide and silicon metal powders. It also distributes related products that include ferrosilicon nitride, fused silica, boron carbide, and aluminium powder. The company focuses on building long-term relationships with its customers and produces around 140 tailor-made products as per customer requirements, with annual revenues of around NOK 100 million.

“The acquisition of KeyVest fits well into Elkem’s offerings to the refractory market, enabling us to further grow by providing additional specialised products to our current customers, improve our service level and processing capabilities and grow in adjacent segments,” commented Inge A Grubben-Strømnes, Elkem’s senior vice president for Silicon Products. “Through this agreement, we also secure opportunities for production optimisation. This is in line with Elkem’s strategy of growth through increased specialisation.”



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