Elkem

M&A Activity • Jun 21, 2022

Elkem acquires KeyVest to grow specialty business in refractories

Elkem acquires KeyVest to grow specialty business in refractories

Elkem ASA has entered into an agreement to acquire KeyVest Belgium S.A, a

specialist company in the sourcing of materials and production of metal powders

to the refractory industry and other segments including advanced ceramics. This

will expand Elkem's product portfolio and create a platform for further growth.

KeyVest was established in 2007 as an independent processing and milling company

of silicon carbide and silicon metal powders. The company is also a distributor

of related products such as ferrosilicon nitride, fused silica, boron carbide,

and aluminium powder. KeyVest focuses on building long-term relationships with

its customers and produces around 140 tailormade products as per customer

requirements, with annual revenues 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. Through this agreement, we also secure

opportunities for production optimisation. This is in line with Elkem's strategy

of growth through increased specialisation," says Elkem's senior vice president

for Silicon Products, Inge A. Grubben-Strømnes.

Refractories are materials designed to withstand very high temperatures and are

therefore used in furnace linings for instance in 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, backed by a

highly competent staff for customer service, technical assistance and product

development. The KeyVest acquisition will further support and expand this

offering.

Elkem is acquiring KeyVest from a subsidiary of Holta Invest AS, a privately

held investment company headquartered in Oslo, Norway. The transaction was

closed 20 June 2022 and the new name of the entity will be Elkem Processing

Services Belgium.

For further information, please contact:

Fredrik Norman

VP Corporate Communications & Public Affairs

Tel: +47 918 66 567

E-mail: fredrik.norman@elkem.com

Odd-Geir Lyngstad

VP Finance & Investor Relations

Tel: +47 976 72 806

Email: odd-geir.lyngstad@elkem.no

About Elkem

Elkem is one of the world's leading providers of advanced material solutions

shaping a better and more sustainable future. The company develops silicones,

silicon products and carbon solutions by combining natural raw materials,

renewable energy and human ingenuity. Elkem helps its customers create and

improve essential innovations like electric mobility, digital communications,

health and personal care as well as smarter and more sustainable cities. With a

strong track record since 1904, its global team of more than 7,000 people has a

joint commitment to stakeholders: Delivering your potential. In 2021, Elkem

obtained a Platinum score from EcoVadis, which rated the company among the

world's top 1% on sustainability transparency, and the company achieved an

operating income of NOK 33.7 billion. Elkem is listed on the Oslo Stock Exchange

(ticker: ELK). www.elkem.com