Umicore N.V. (Brussels, Belgium; www.umicore.com) announced today that it has agreed to sell its European Technical Materials business to Saxonia Edelmetalle GmbH, a long-established German refiner and manufacturer of precious metal chemical compounds, semi-finished products and contact parts.
The agreement concerns the Technical Materials activities in Germany and Italy, which manufacture contact materials and brazing alloys for technical applications. The activities generated a combined turnover of EUR 163 million in 2016. Closing of the transaction is expected in the first quarter of 2018.
Umicore CEO Marc Grynberg commented: “We believe that Saxonia is an ideal home for our European Technical Materials business. Saxonia ‘s advanced industrial operations will provide a unique stepping stone to the entire organization while offering ample opportunities for further growth.”
In line with its strategy to focus primarily on developing activities in its growth platforms of clean mobility and recycling, Umicore announced earlier this year its intention to investigate strategic options, including a possible sale of all or part of its Technical Materials business unit. Umicore will continue to assess strategic options for its Technical Materials activities in other regions.
Technical Materials in Europe employs approximately 300 people and has industrial sites in Hanau, Germany (Umicore Technical Materials AG & Co. KG) and Vicenza, Italy (Italbras S.p.A.)