Metso Outotec to divest its metal recycling business
HELSINKI, January 1, 2022
Global mining engineering company Metso Outotec has signed an agreement to divest its metal recycling business line to an affiliate of Mimir, an investment company based in Stockholm, Sweden.
Headquartered in Helsinki, Finland, Metso Outotec employs over 15,000 people in more than 50 countries.
The closing of the transaction is expected to take place during the first half of 2022.
The parties have decided not to disclose the value of the transaction. The divestment will not have a material impact on Metso Outotec’s financial results.
On the deal, Piia Karhu, Senior VP (Business Development and Metal Recycling) said "Metso Outotec was delighted that going forward, its metal recycling business will continue to implement its strategy together with the new owner Mimir. As an established standalone company, its full focus will be on the metal recycling markets and customers."
Metso Outotec had in October last year announced that it intends to divest its recycling businesses, which have since been reported as part of discontinued operations in Metso Outotec’s financial statements. The divestment of the Waste Recycling business has already been completed.
"This is a great opportunity for Metal Recycling to take the next step in our development," remarked Ioannis Giouvanitskas, Vice President of Metso Outotec Metal Recycling.
"Mimir has the resources to quickly expand our leading market position and to be able to provide our products and services to a growing, global customer base," he stated.
The Metal Recycling business sold to Mimir includes the brands Lindemann and Texas Shredder. The business will change name in conjunction with the divestment and operate globally under the Lindemann brand, with headquarters in Düsseldorf, Germany.
Joakim Notö, Managing Partner and Group Chairman at Mimir Invest, said: "We welcome Metso Outotec Metal Recycling to Mimir and look forward to driving growth for this attractive business together with its employees."
Its current 160 employees will transfer to the new company in connection with the transaction. The net sales of the business totaled EUR 77 million in 2020.
"Metso Outotec Metal Recycling is a typical Mimir investment, being carved-out from a large corporation with leading technology and engineering expertise that positions it among the premium brands in its markets," he added.
Mimir is a global investment firm acquiring non-core business units of large corporations as well as private companies that need operationally oriented ownership. It has operations in 20 countries world-wide, employing 1 200 employees.-TradeArabia News Service
