The Austrian company Loacker Recycling GmbH plans to take over Scholz's 50 per cent stake in Saarländische Rohprodukte GmbH (SRP), the company announced on Tuesday. Scholz and Loacker have operated the company as a 50-50 joint venture since 2000. The take-over is expected to be completed at the start of the coming year, but remains subject to approval by anti-trust authorities.
Due to its present financial situation, Scholz has now apparently decided to sell off its stake to its Austrian joint venture partner. In troubled financial waters, Scholz's restructuring plan calls for it to divest not only non-core activities in the aluminium and construction steel sectors, but to adjust the amount of capacity it has at its German sites as well.
SRP is headquartered in Homburg in south-western Germany and generates annual revenues of €183m from trade with scrap, base metals, new metal and demolition work with its approximately 100 employees.