The Aughinish Alumina plant in the Shannon estuary, once the largest industrial development project in Ireland, passed into the control of Russian oligarchs yesterday as part of a three-way international merger.
The 500 employees who operate the alumina refinery, developed more than 20 years ago, will now work for the enlarged United Company Rusal after Aughinish's previous owners, the Swiss trading firm Glencore, formally joined together with two larger Russian firms controlled by some of world's wealthiest businessmen.
Under way since late last year, the newly-enlarged firm was formally created yesterday and will control one-eighth of the aluminium produced in the world, with sales of over €10 billion.
The new entity is now a bigger player than Aughinish's original owners, the Canadian Alcan group.
The takeover also marks the first time a major Irish asset has come under the control of Russia's billionaires.
The main shareholder in the new company is Oleg Deripaska, who vies with Chelsea FC owner Roman Abramovich at the top of the rich list with a personal wealth estimated at €16.2 billion, according to Finans magazine.
Just 38, Mr Deripaska also has interests spanning insurance and pulp, as well as a Russian bus-manufacturing factory.
In a briefing to the workforce yesterday, Damien Clancy, the managing director of Aughinish Alumina, said the move would be good news for Aughinish.
"This is a positive development and an excellent opportunity for the plant. In order to capitalise on this opportunity, it is important that we continue to operate a world-class plant that delivers top performance in order to establish our reputation within the newly-formed company," he said in a statement.
"On all the visits here by their senior management they have been impressed by the workforce and the plant, and I have no doubt that, with your commitment, we can have a successful future as part of the United Company Rusal."
The enlarged business will employ 100,000 people in 17 countries and hopes to list on the stock market within three years.
Mr Deripaska's Rusal now controls 66 per cent of the enlarged group, a second Russian firm, Sual, holds 22 per cent and Glencore 12 per cent of the equity.
Another Russian billionaire, Viktor Vekselberg, better known for bringing the Faberge egg collection back to Moscow, will be the chairman of the enlarged group. A third Russian businessmen, Len Blavatnik, now a US citizen, will also sit on the board.
