Mytilineos Rebrands to Metlen Energy & Metals, Ending a 115-Year Legacy

In a significant shift for the Greek industrial giant, Evangelos Mytilineos, CEO and President of Mytilineos, announced during the General Assembly that the company will be renamed Metlen Energy & Metals. This change marks the end of an era for the Mytilineos family name, which has been associated with the company for 115 years.

The renaming of Mytilineos to Metlen Energy & Metals marks a significant shift in the company's strategy and identity, with potential implications for the global energy and metals industry. This change could have far-reaching consequences for investors, employees, and customers, while the company seeks to expand its international presence and ambitions.

The decision to rename the company was driven by its expanding international presence and ambitions. Mytilineos emphasized that the new name is part of a broader strategy to create a global brand. "The company with the family name has closed a big cycle and is ready to open a bigger one," he stated.

During the General Assembly, Mytilineos outlined the company's ambitious plans, including a dual listing on the London Stock Exchange and the acquisition of a metal construction unit in Volos. He confirmed the company's interest in the recycling sector and highlighted the importance of the European Commission's Critical Raw Materials strategy, in which the company has invested €300 million.

The name change was an emotional decision for Mytilineos, who described the company as his "third child." He acknowledged the difficulty of the transition but stressed its necessity for growth. "Whatever name you choose after 115 years, no matter how good it is and with the best consultants, it won't be like the previous one," he admitted.

Financially, the company is on a strong footing. Mytilineos reported that profits are expected to reach €1.2 billion in 2024, with a dividend of €1.55 per share to be distributed on July 2. He emphasized the company's commitment to organic growth, noting that no new shares have been issued since 2000, with investments funded through profits.

The company has also made significant investments in Canada and Italy, particularly in the aluminum and alumina sectors. Mytilineos criticized the European Commission's approach to promoting the green transition, stating that it lacks a clear and effective plan.

Looking ahead, Mytilineos expressed confidence in the company's future. He noted that the company's net profitability is expected to exceed €700 million in 2024. "You all understand the absolute determination and commitment to reach new heights that no Greek company has reached. If we are ready for it, nothing will stop us," he declared.

The renaming of Mytilineos to Metlen Energy & Metals is a landmark moment in the company's history. While the Mytilineos family name will no longer be part of the company's identity, its legacy of resilience and growth will continue under the new brand.

Key Takeaways

• Mytilineos renames to Metlen Energy & Metals, ending 115-year family name association.
• New name marks shift in strategy and identity, with global energy and metals implications.
• Company plans dual listing on London Stock Exchange and metal construction unit acquisition.
• Metlen Energy & Metals targets €1.2 billion profit in 2024, with €1.55 dividend per share.
• CEO Mytilineos confident in company's future, aiming for "new heights" in growth and profitability.