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.