Aurubis, Germany-based Europe’s biggest copper smelter company, won European Union antitrust approval. According to the European Commission, the company acquired on Monday the Belgian-Spanish metal recycling group Metallo. The commission stated that the company would not affect competition in the copper recycling sector negatively.
In May 2019, Aurubis agreed to buy Metallo for 380 million euros (412 million dollars) as a part of an acquisition-led extension into other metals along with copper.
Metallo, a recycling company, valorizes complex non-ferrous materials by returning metals into the value chain. So, it processes approximately 220,000 tonnes of scrap and recycling materials a year at its Beerse plant in Belgium. The company processes another 95,000 tonnes at its plant in Berango, Spain.
Furthermore, the company combines its technology and know-how to minimize the impact of its activities on the environment, climate, and people.
Besides copper, Metallo produces lots of other metals like tin and lead.
It processes delicate fragments with low metal content.
The incorporation will be completed by the end of the year
Aurubis is expecting the formal closing of the acquisition on May 29.
The primary shareholder in Metallo is the investment company TowerBrook Capital Partners.
Roland Harings, the CEO of Aurubis, said in a statement that the combination is a critical milestone in the implementation of the company’s multi-metals strategy. Recycling is essential for a sustainable society and is an attractive global growth market, Harings said. Metallo’s processing know-how and technical processes ideally complement Aurubis’ core expertise. As a result, these companies will continue to expand their capabilities for recycling valuable industrial and precious metals.
Moreover, the initial incorporation of Metallo into the Aurubis group will start on June 1. It is expected to be completed by the end of 2020, Aurubis spokeswoman added.
In early 2019, European Union competition authorities refused a project by Aurubis to sell its flat-rolled products line to Wieland – German copper products producer, claiming the deal could lead to higher prices.
Aurubis engages in the production of precious metals, and primary copper, the recycling of secondary raw materials, moreover the processing of copper into final products. Its product portfolio includes shapes, industrial rolled products, a rod, and specialty wire; bars and profiles for the electro-technical industry; architectural solutions for surfaces and exteriors; cathodes. On the other hand, the company manufactures gold and silver, sulfuric acid, iron silicate, selenium, and recycled copper, and other non-ferrous metal products. Aurubis also produces copper slitting service centers.