Edition:
India

Umicore Announces Agreement To Acquire Cobalt Refinery, Cathode Precursor Operations In Finland


Friday, 24 May 2019 

May 23 (Reuters) - Umicore SA ::REG-UMICORE TO ACQUIRE COBALT REFINERY AND CATHODE PRECURSOR OPERATIONS IN FINLAND.ACQUISITION WILL BE EARNINGS ACCRETIVE FROM 2020 AND VALUE ACCRETIVE FROM 2021.UMICORE IS NOT ACQUIRING COBALT FINE POWDERS, CHEMICALS, CATALYSTS, CERAMICS & PIGMENTS ACTIVITIES LOCATED ON SAME SITE.WILL BE FUNDED FROM UMICORE'S EXISTING CREDIT FACILITIES.UMICORE -DEAL FOR $150 MILLION ON DEBT, CASH FREE BASIS, PLUS VALUE OF WORKING CAPITAL TO BE TAKEN OVER AT CLOSING, WHICH AT END OF MARCH WAS ABOUT $40 MILLION.UMICORE- ACQUIRED OPERATIONS WILL SUPPLY PRECURSORS FOR CATHODE MATERIALS PRODUCTION IN NYSA, POLAND, WHICH IS DUE TO START IN SECOND PART OF 2020.