Aurubis, Europe’s largest copper smelter, mentioned on Wednesday it had agreed to purchase Belgian-Spanish recycling firm Metallo Group for 380 million euros ($424 million) as a part of an acquisition-led shift into different metals.
“Because of megatrends comparable to sensible properties, e-mobility, digitalization and renewable energies, each the amount and the complexity of secondary uncooked supplies will improve considerably,” Aurubis Chief Government Juergen Schachler mentioned.
Metallo, which is being bought by funds managed by funding agency TowerBrook Capital Companions, specializes in recycling sturdy supplies with low metallic content material and has enticing progress potential, Aurubis mentioned.
With round 530 staff at its relevant websites in Belgium and Spain, Metallo generated revenues of about 985 million euros in fiscal yr 2018, the German firm added.
Aurubis accomplished its buy of the remaining shares in copper wire and rod maker Deutsche Giessdraht final July, and Schachler mentioned in February it was nonetheless searching for acquisitions.
Schachler, who leaves Aurubis on the finish of June, has begun a growth into different metals alongside copper and Metallo’s recycling contains nickel, tin, zinc, and lead in addition to copper.
Metallo processes about 220,000 tonnes of scrap and recycling supplies yearly at its plant in Beerse in Belgium and one additional 95,000 tonnes is processed at its plant in Berango in Spain, Aurubis mentioned in a presentation on a convention name.
The tonnage of recent metals produced by Metallo is just not being revealed.