January 19, 2022
  • BALFIN Group transfers all shares of Albchrome Holding sh.p.k to Yildirim Group
  • 100% of shares of Albchrome Holding sh.p.k are actually owned by BALFIN Group
  • All measures taken for a smooth transition

BALFIN Group has agreed to transfer its Albchrome Holding sh.p.k ownership to the international conglomerate Yildirim Group. The agreement is already signed by representatives of both parties and the handover process is completed on 14 January 2022. This move will not affect the employees, as representatives of Yildirim Group have committed to keeping the headcount intact and continue the investment strategy of BALFIN Group.

Albchrome Holding sh.p.k is an Albanian company that owns the Bulqiza Mine, the Ferrochrome Smelting Plants in Burrel and Elbasan, and Vllahen Mining. It became part of BALFIN Group in 2013, when the former owners handed over a business near bankruptcy, suffocated by bad debts and unpaid salaries, and paralyzed by the outdated technical infrastructure.

Immediately, BALFIN Group launched a re-invigorating plan, starting with investments in new technology and rehabilitation of the employees. Approximately a total of 67 million USD have been invested in the company, including major investments even during 2020 and 2021, to increase the capacity and efficiency at reduced costs, resulting in an optimized process and final product. The occupational health and safety standards have improved significantly, and the reduction in number of work-related health incidents confirms it. Economic situation of more than 1100 AlbChrome’s employees has been the other priority for BALFIN Group once it started managing the facilities.

Today, Albchrome Holding sh.p.k is one of the main exporters of Albania; its production quantities have increased from 24,000 tons of ferrochrome in 2012 to 68,000 tons. While chrome ore production increased from 47,800 tons in 2012 to 100,800 tons in 2020. Its contribution to the state amounts to 46 million of USD in taxes since 2013, more than 5 million USD each year.

Yildirim Group is an industrially diversified group of companies, headquartered in Istanbul, Turkey with operations in 9 sectors in 53 countries on 4 continents. Yildirim employs 14,000 people around the globe, and is a global player in metals & mining, coal & coke, energy, fertilizers & chemicals, port management, shipping & logistics, construction & real estate, as well as financial investments. Yildirim is ranked as the 2nd largest chromium company in Europe, and the 4th largest chromium company in the world. The experience and potential of Yildirim in chrome industry will further strengthen AlbChrome’s positioning in the world markets and help it continue its progress. On the other hand, BALFIN Group as an investment group has its own team of experts that supervise any transfer of shares between its companies and other investors, making sure that relevant regulation and best practices are applied in all cases.

BALFIN Group remains active in the mining and smelting industry in the region, with its New Co Ferronikeli company in Kosovo. It is the largest exporter of Kosovo and one of the largest producers of ferro-nickel in Europe. BALFIN Group will continue to invest so that New Co Ferronikeli increases production rate and meets even higher standards.

About YILDIRIM Group

The foundation of YILDIRIM Group dates back to 1963, when Garip YILDIRIM established a modest construction material trading company called GARIP YILDIRIM & SONS in Samsun, Turkey. Since its founding, the company has continuously broadened its focus through new subsidiaries by entrepreneurism and constant innovation, evolving into an industrially diversified group of companies as well as one of the fastest growing Turkish industrial groups.

Since 2008, when YILDIRIM Group made its first international acquisition in Sweden, the company has grown to become a global force based in Istanbul, Turkey, with operations in 9 sectors in 51 countries on 4 continents. YILDIRIM Group of Companies employs 14,000 people around the globe. Today, YILDIRIM is a global player in metals & mining, coal & coke, energy, fertilizers & chemicals, port management, shipping & logistics, construction & real estate, as well as financial investments.

About BALFIN Group

BALFIN Group (Balkan Finance Investment Group) is one of the most significant and successful investment groups in the Western Balkans, with a non-consolidated gross revenue of € 639 million in 2020.

BALFIN Group was founded in 1993 in Vienna by Mr. Samir Mane, and is currently located and operating in Austria, Albania, Kosovo, Bosnia and Herzegovina, North Macedonia, Montenegro, and the Netherlands.

The activities of the BALFIN Group comprise the development and management of real estate, retail, mining industry, banking, tourism, energy, logistics, etc. and employs approximately 6,000 people

BALFIN Group is a trustworthy partner, conducting business activities in a wide range of industries on a national and international scale, at the highest business and ethical standards with substantial financial capital, outstanding human resources, and a rigorous focus on innovation.

Through economic development, employment opportunities, innovation, and social involvement, BALFIN Group challenges the status quo, fostering a positive impact on communities.