(Luvata: London, UK. 8 August 2011). Following an examination under merger-control regulations, the European Commission has authorised the sale of Luvata’s Rolled Products Division (Luvata RPD) to Aurubis AG without restriction. Having already received approval from the antitrust authorities in the USA and Turkey, the sale will close on 1 September, 2011.
Luvata CEO John Peter Leesi states: “The approval of the EU commission ticks the last box in the regulatory aspect of this process, and we’re happy - this sale is a significant step forward for both companies. The sale will allow Luvata to focus its resources on the next stage of its growth strategy. It gives us more power behind our plans: greater financial strength, greater focus and greater agility in technology-driven and high value-added solutions.”
Luvata is a major international supplier of solutions, services, components and materials for manufacturing and construction. Luvata’s solutions are used in industries such as power generation, renewable energy, telecommunications, architecture, automotive, medicine, air-conditioning, refrigeration, and a wide range of consumer products. The company’s continued success is attributed to its longevity, its technological excellence and strategy of integrating with its customers’ businesses. In March 2011, the Group employed 7,500 staff in 18 countries, Luvata works in partnership with customers such as Siemens, Toyota, CERN, Shaaz, and DWD International.
The Aurubis Group is the largest copper producer in Europe and the world leader in copper recycling. We produce some 1.1 million tonnes of copper cathodes each year and from them a variety of copper products. We have sites in seven European countries with more than 4,900 employees.
Its core business is the production of marketable copper cathodes from copper concentrates, copper scrap and recycling raw materials. These are processed within the Group into continuous cast wire rod, shapes, rolled products as well as special wire and profiles made of copper and copper alloys. Precious metals and a number of other products, such as sulphuric acid and iron silicate, round off our product portfolio.
Customers of the Aurubis Group include companies in the copper semis industry, the electrical engineering, electronics and chemical industries as well as suppliers of the construction and car industries.
Aurubis is oriented to sustainable growth and to increasing corporate value. The main focus of its strategy is on strengthening its business, utilising growth opportunities and practising a responsible attitude when dealing with people and handling resources and the environment.
Aurubis shares are part of the Prime Standard Segment of the Deutsche Börse and are listed in the MDAX, in the European Stoxx 600 and the Global Challenges Index (GCX). Further information at www.aurubis.com