World’s Largest Copper Recycler Reaches Agreement to Acquire Metallo Group
Hamburg, Germany-based Aurubis AG- the world’s largest copper recycler, reached an agreement towards acquisition of assets of the Belgian-Spanish Metallo Group. The acquisition of the company, believed to deliver attractive growth in future, will further strengthen Aurubis’ metal portfolio, especially metals like copper, nickel, tin, zinc and lead. The transaction is subject to approval by relevant authorities and is expected to close by the end of 2019.
According to Roland Harings, deputy chairman of the executive board of Aurubis AG, the acquisition is considered as an important step in the implementation of the recycling strategy. The company anticipates significant improvement in the quantity and complexity of secondary raw materials. Metallo’s specific metallurgical know-how and processing expertise will complement Aurubis’ strengths, he noted.
Meantime, Patrick Verschelde, executive chairman of the board of directors of Metallo noted that the company has been Aurubis’ reliable business partner for 100 years. He expressed pleasure in becoming part of Aurubis family, thereby helping to work as one team in the future on sustainable solutions.
Metallo specializes in recovering nonferrous metals by recycling materials with lower metal content. It treats complex secondary raw materials and refines them into new metal products, which are then supplied across the globe. The company employs nearly 530 people at various locations in Spain and Belgium. In fiscal 2018, the company had reported revenue of approximately $1.12 billion.