The company will trade as Recovco Affimet and is Frances largest aluminium recycler. It has set itself an initial target output of 54,000 tonnes per year.
While casting and processing will continue to operate as before, some changes have been made to other parts of the business to reflect market conditions.
Recovco Affimet chairman Claude Riss said: "Recovco has invested in the installation of one of the patented Rotary Tilting Furnaces (RTFs) into Recovco Affimet.
"The 15 tonne RTF has a capacity of approximately 30,000 tonnes per year. This has already started to significantly improve operational efficiency, delivering higher metal recoveries, reducing operating costs and enhancing environmental performance in the secondary processing business.
Extensive joint planning by management at Recovco and Alcan aims to ensure continuity of operation and supply throughout the acquisition period. However, the unprofitable hot metal business has already been closed.
Recovco chief executive and now a member of the Affimit development team Tom Evans commented: We will keep this business under review and may recommence this part of the business should it prove to be commercially viable in the future.