05/27/19

Aurubis AG acquires Belgian-Spanish Metallo Group for a purchase price of € 380 million

Aurubis AG signed a share purchase agreement for the acquisition of the Belgian-Spanish Metallo Group to continue actively pursuing its recycling strategy. Metallo is a technology leader in processing recycling materials with lower non-ferrous metals contents. The "zero-waste" business model of the Belgian-Spanish Group aims to process all materials used into valuable and marketable products and thus make an important contribution to the recycling economy. This increases Aurubis' contribution to sustainability.

In fiscal year 2018, Metallo generated revenues of approximately € 1 billion. The share purchase agreement stipulates a purchase price of € 380 million, which will be financed without a capital increase. The closing of the transaction is subject to approval by the relevant antitrust authorities and is expected to take place by the end of the year.

 The acquisition of Metallo, with its attractive growth potential, strengthens Aurubis’ metal portfolio, especially in the key metals copper, nickel, tin, zinc, and lead. The Metallo Group complements the investment project Future Complex Metallurgy (FCM), with which Aurubis will process a higher volume of complex input materials.

Jürgen Schachler, Aurubis Group CEO, said: “Due to megatrends such as smart homes, e-mobility, digitalization, and renewable energies, both the quantity and the complexity of secondary raw materials will increase significantly. Metallo’s processing expertise and specific metallurgical know-how provide an excellent complement to Aurubis’ own strengths.”

Metallo Belgium, based in Beerse, was founded in 1919. Already in the 1960s, the company developed processes to recycle copper, tin, and lead from more complex raw materials with low metal contents and fostered innovation to invest in sustainable technologies to strengthen its zero-waste strategy. Metallo Spain, formerly called Elmet, was founded in Berango, province of Biscay, in 1991. The company has around 530 employees at locations in Belgium and Spain.