The investment will result in significant cost reductions and contribute positively to Gränges’ operating profit and return on capital employed ratio from 2024 and onwards. It will also lead to a reduced carbon footprint driven by the use of renewable electricity and increased recycling.
– Sustainability and recycling are two critical parts of our business model, and strong drivers of our long-term competitiveness and value creation. We have a very high ambition level in these areas. With this investment, we will meet our customers’ expectations on decarbonizing our business and leading the way in offering solutions that are clearly differentiated from a sustainability perspective, says Jörgen Rosengren, President and CEO, Gränges Group.
To produce near-zero carbon aluminium solutions, i.e. with a carbon footprint of maximum 1 tonne CO2e per tonne aluminium, the new recycling and casting centre will use the latest technology in induction melting furnaces in combination with all-electric annealing ovens. Renewable electricity will power all equipment and downstream production processes, in partnership with Carroll County Electric and the TVA Green Invest Program.
– Gränges’ ambitious sustainability strategy combined with our customers’ platforms drive the size and speed of our investments. This investment builds on Gränges Americas’ foil strategy and underscores our strategic focus and commitment to developing sustainable products and solutions, says Patrick Lawlor, President Gränges Americas.
The investment is estimated to take around two years to complete, and Gränges Americas’ near-zero carbon product portfolio will be available from mid-2024 with an estimated capacity of 25 ktonnes. The total production capacity in Gränges Americas will remain at 260 ktonnes finished product after the completion of the investment.