ElvalHalcor — Greece’s leading integrated aluminum and copper producer and a key company within the BIOPHARMA Group (formerly BIOCHALKO Group) — is embarking on a major strategic shift, backed by a €455 million investment program running through 2030. On 13 July, the company will launch a capital increase of up to €300 million, following yesterday’s approval by its extraordinary general meeting of shareholders.
The funding will be raised primarily through an equity offering: approximately €250 million will come from an Alternative Market Capital (AMK) public offering in Greece, complemented by an international book-building process abroad. The goal is to list the new shares before month-end.
This fresh capital forms the cornerstone of ElvalHalcor’s broader investment agenda — one that underscores its central role in Greece’s industrial landscape. According to data from the Foundation for Economic and Industrial Research (IOBE), the company contributed 0.56% to Greece’s GDP in 2025. Its production value stood at €2.3 billion, while exports reached €2.5 billion — representing 8% of Greece’s non-petroleum industrial exports. Collectively, its operations supported 20,920 direct and indirect jobs, with each position at ElvalHalcor sustaining an additional 6.2 jobs across the wider economy.
Globally, ElvalHalcor ranks second in Europe for hot-rolling capacity and third in the EU for volume of rolled aluminum products. In copper, it is the largest pipe manufacturer across the EMEA region. Last year, it was named ‘Ford Supplier of the Year 2026’ in the supply chain category — a distinction placing it among elite global suppliers.
A legacy rooted in Boeotia
The company’s origins trace back decades to Oinofyta in Boeotia. When ELVAL began aluminum rolling in the mid-1970s, its annual capacity was under 20,000 tonnes. The commissioning of its first hot rolling mill in 1993 lifted output to 70,000 tonnes; successive investments pushed capacity beyond 200,000 tonnes by 2003. Meanwhile, HALCOR was building its presence in copper and brass.
A pivotal moment came at the end of 2017: on 30 November, HALCOR acquired ELVAL and rebranded as ELVALHALCOR — unifying both metal divisions under a single listed entity within the BIOCHALKO Group. Combined annual capacity — which stood below 173,000 tonnes before 2000 — now exceeds 761,000 tonnes.
Driving growth through targeted investment
A defining milestone was the €150 million quadruple hot-rolling mill for aluminum, launched in 2018 and completed in 2020. This project boosted aluminum rolling capacity from 300,000 to 400,000 tonnes annually. Since 2019, the company has intensified its investment pace, spending roughly €856 million — a figure IOBE estimates includes both operational upgrades and strategic expansions supporting long-term competitiveness.