Almatis, a leading global supplier of premium alumina for the refractory, ceramic and polishing industries, has announced that its shareholders, including majority owner Dubai International Capital (DIC), have signed an agreement to sell the Group to Oyak, Turkey's largest private pension fund.

Taco Gerbranda, chief executive officer of Almatis, said: “As a long-term investor, Oyak is expected to significantly strengthen Almatis' financial position and to support the group's continued growth. This is a major milestone for Almatis and we look forward to the completion of the transaction.”

Completion of the transaction is conditional upon receipt of all relevant regulatory approvals.

With more than 100 years of alumina expertise, Almatis is a world leader in the development, manufacture and supply of premium alumina and alumina-based products. As a fully integrated, global alumina producer, Almatis serves its customers with 1,150 employees from 16 strategically located sales, research and manufacturing sites.

Almatis’ products are used in a wide variety of industries including iron and steel, cement, non-ferrous metal, ceramic, automotive, polishing and electronics. Previously part of Alcoa, since 2007 Almatis has been majority owned by DIC.