Norway – An agreement has been reached for Stena Metall AB to acquire 100% of the shares in Norsk Metallretur AS (NMR). The accord has been concluded subject to the approval of the Norwegian Competition Authority and a satisfactory due diligence report on the business.
NMR is among Norway’s leading players in the recycling of steel, iron and other metals as well as electronic waste. In 2010, the company posted revenues of NOK 653 million (US$ 120 million) and employed 140 people across nine operational subsidiaries and two real estate companies.
According to NMR, it was only a matter of time before it would become natural to consider selling the company, adding that this is the correct time for a change of ownership in view of the restructuring occurring within the metal recycling industry in Norway and the rest of Europe. NMR is currently a family business whose owners have been actively involved in running it but who are now partly retired or approaching an agreed retirement age; furthermore, the next generation is not interested in carrying on the business. The change of ownership will not involve marked changes in the operation of NMR and its subsidiaries, it is stated.
According to the Stien-based acquisition target, Stena in Norway and NMR have no overlapping facilities and fill in the ‘Map of Norway’ beautifully. Further expansion will be developed through close co-operation between Stena and NMR, and both companies will work together to pursue synergies through downstream solutions, the market and volumes to the plant/shredder, etc.
Stena and NMR are said to have co-operated closely for a number of years.
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