Umicore to sell its European Technical Materials business to SAXONIA Edelmetalle
Umicore announced today that it has agreed to sell its European Technical Materials business to SAXONIA Edelmetalle GmbH, a long-established German refiner and manufacturer of precious metal chemical compounds, semi-finished products and contact parts.
The agreement concerns the Technical Materials activities in Germany and Italy, which manufacture contact materials and brazing alloys for technical applications. The activities generated a combined turnover of EUR 163 million in 2016. Closing of the transaction is expected in the first quarter of 2018.
Umicore CEO Marc Grynberg commented: "We believe that SAXONIA is an ideal home for our European Technical Materials business. SAXONIA’s advanced industrial operations will provide a unique stepping stone to the entire organization while offering ample opportunities for further growth."
Note to editors
In line with its strategy to focus primarily on developing activities in its growth platforms of clean mobility and recycling, Umicore announced earlier this year its intention to investigate strategic options, including a possible sale of all or part of its Technical Materials business unit. Umicore will continue to assess strategic options for its Technical Materials activities in other regions.
Technical Materials in Europe employs approximately 300 people and has industrial sites in Hanau, Germany (Umicore Technical Materials AG & Co. KG) and Vicenza, Italy (Italbras S.p.A.).
About SAXONIA Edelmetalle
SAXONIA Edelmetalle GmbH (Halsbrücke) is continuing the tradition of mining and processing precious metals which has existed in the Freiberg region since the beginning of the 17th century. Today the company is an established and reliable partner to industrial users in the core areas of precious metal refining, precious metal chemical compounds, semi-finished products, platinum equipments and contact parts.
Since 2010, WIELAND Edelmetalle GmbH, Pforzheim has been part of the SAXONIA Group. Today WIELAND Edelmetalle is a leading mid-sized company with more than 150 employees, specialising in products and services related to precious metals refining and technology, including semi-finished products and brazing alloys.