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FRANKFURT (Dow Jones) – The copper group Aurubis wants to sell part of its flat rolling division to the holding company Intek, to which the manufacturer of copper products KME belongs. The two sides signed a corresponding term sheet, on the basis of which a purchase agreement is now being drawn up, as announced by Aurubis AG. The sales contract is expected to be signed within the next two months. The parties have agreed not to disclose the sales price.
“Aurubis will focus even more on its core business: primary copper production, recycling and our multi-metal portfolio,” said CEO Roland Harings. “With the planned partial sale, we are now also reducing the scope and complexity in the FRP (flat rolled products) area.”
The group intends to sell the FRP plant in Zutphen (Netherlands) as well as the cutting centers in Birmingham (Great Britain), Dolny Kubin (Slovakia) and Mortara (Italy) with a total of around 360 employees. Since, despite intensive negotiations with various interested parties, no further transaction is in prospect, the plants in Stolberg (Germany), Pori (Finland) and Buffalo (USA) will remain in the Aurubis Group and will be further developed.
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(END) Dow Jones Newswires
Aug 09, 2021 11:54 AM ET (15:54 GMT)