02 Dec 2019

Umicore completes acquisition of cobalt refining and cathode precursor activities in Finland

Umicore announced today that it has completed the acquisition of the cobalt refining and cathode precursor activities in Kokkola, Finland, from Freeport Cobalt for an amount of $ 203 million on a debt and cash free basis (including approximately $ 50 million of net working capital). All regulatory clearances in relation to the transaction have been obtained.

It is anticipated that the acquisition will be earnings accretive from 2020 and value accretive from 2021, after completion of the integration process and a reduction of the net working capital resulting from supply chain synergies.