| metal manufacturer|
Braunau am Inn, Austria
| AMAG (VIE) € 39.83 -0.42 (-1.04%)27 Feb, 3:21 PM GMT+1 - Disclaimer|
AMAG (Austria Metall AG) is the biggest company in the Austrian Aluminium industry sector. It is situated in the village of Ranshofen, which is in Braunau am Inn (Upper Austria).
AMAG Austria Metall AG Wikipedia
The aluminium smelting business was founded in 1938 in Ranshofen as Mattigwerk, with reference to the Mattig river. After the Second World War, the factory was occupied by US troops until 1946, when it was handed over the Austrian government. It was nationalized as Österreichische Metallwerke AG (ÖMAG), and this name as later changed again to Vereinigte Aluminiumwerke AG (VAW). In 1957, VAW merged with the non-ferrous metal business of Arthur Krupp AG to form Vereinigten Metallwerke Ranshofen-Berndorf AG (VMW).
To expand the product portfolio with cast aluminium wheels, a 100% subsidiary was founded in 1983, Alu-Guß GmbH. It was later sold to the Borbet group. Similarly, the Berndorf business was spun off and sold in 1988. The name of the company was changed to Austria Metall AG (AMAG).
AMAG was privatised in 1996, in the form of a Management-Buyout by Klaus Hammerer (40%) and an employee trust (20%), the remaining stock (40%) being acquired by Constantia.
In 2007, Hammerer sold its stake to Constantia Packaging AG. Extrusion business carried by AMAG extrusion GmbH remained however in the hands of Hammerer, and became HAI Hammerer Aluminium Industries GmbH. In the end of 2007, Constantia bought 10% of the shares from the employee trust. Stake rose to 90% in 2009 and, on 8 April 2011, Austria Metall was listed on the Vienna Stock Exchange.