Aurubis to acquire non-ferrous recycler Metallo

Metallo's site in Beerse, Belgium; photo: Aurubis
Metallo's site in Beerse, Belgium; photo: Aurubis
23.05.2019 − 

German copper producer Aurubis is expanding its recycling activities. On Wednesday, the company announced plans to acquire full ownership of the Belgian-Spanish Metallo Group, a recycling and refining company specialising in the recovery of non-ferrous metals. Aurubis put the sales price at €380m. The transaction remained subject to regulatory approval, said the company, which expected the deal to be completed by the end of the year.

According to its own account, Metallo Holdings is currently majority-owned by a fund managed by TowerBrook Capital, a leading transatlantic investment company. Minority stakes are held by Alpha Associés Conseil SAS, Metallo's management and other co-investors. Metallo has around 530 employees at sites in Belgium and Spain. In 2018, Metallo reported revenues of around €985m. Aurubis said was not planning to issue any new stock in connection with the deal.

The Metallo acquisition is another step in Aurubis' "active pursuit" of its recycling strategy. As reported by EUWID, the primary and secondary copper producer plans to evolve into a "multi-metal recycler". Alongside its traditional copper business, it is working to expand its other metal offerings such as nickel, selenium and tellurium and to double the volumes of non-copper metals its sells by the 2022/23 business year. At the same time, it plans to double the amount of complex scrap it processes. At the release of its most recent financial report, Aurubis had indicated that it would pursue external growth in addition to the internal growth project.

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