Aurubis is to sell four facilities in the Netherlands, UK, Slovakia and Italy to a buyer that includes the KME Group, one of the leading manufacturers of copper and copper alloy products worldwide as it looks to reduce its interest in flat rolled products (FRP).
Aurubis and the buyer, Intek Holding, have signed documents preparing for a purchase agreement to be signed within two months. The sites, which employ a total of 360 people, are a FRP plant at Zutphen (Netherlands) and slitting centres in Birmingham (UK), Dolný Kubín (Slovakia), and Mortara (Italy). Aurubis had also been looking to sell plants at Stolberg (Germany), Pori (Finland) and Buffalo (US) but, despite ‘intensive negotiations with different interested parties’, they will remain within the group.
’Aurubis will be focusing even more strongly on its core business: primary copper production, recycling, and our multi-metal portfolio,’ says Roland Harings, Aurubis ceo. ‘We’re now reducing the scope and complexity in the FRP segment as well. Intek Holding and the KME Group have profound international market knowledge. As a result, we view the next steps toward closing the contract very optimistically.’
The sites to be sold will be transferred following approval by the relevant competition authorities. Initially, both parties agreed to keep the sale price of the transaction confidential but, in line with the requirements of the Italian stock exchange supervisory authorities, Intek revealed the purchase price is expected to be approximately EUR 8 million plus the value of the net working capital at the time of closing (30 June: about EUR 67 million). The net working capital will be settled through the repayment of company loans to Aurubis in the same amount.
Would you like to share any interesting developments or article ideas with us? Don't hesitate to contact us.