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Luvata completes sales of its Special Products division and Asian Tubes operations

(Luvata: London, UK. 2nd May 2017) Luvata is pleased to announce the completions of the sales of two major operations.

(1) The Special Products division has been bought by Mitsubishi Materials Corporation (MMC) (TYO: 5711), following the announcement of the purchase agreement on 28th September 2016. The division will become a group company of Mitsubishi Materials Corporation, but continue to do business under the name of Luvata Special Products for the time being.

The sale includes 12 Luvata Special Products locations in 7 countries across the Americas, Europe and Asia, supplying solutions for the automotive, energy, healthcare, science and manufacturing industries. These facilities include Pori, Finland; Welwyn Garden City and Wolverhampton, UK; St. Petersburg, Russia; Zhongshan and Suzhou, China; Pasir Gudang, Malaysia; Waterbury and Branford, CT USA; Delaware, OH USA; Appleton, WI USA; and Sao Paulo, Brazil.

(2) Luvata's tube-manufacturing operations in Zhongshan China and Chachoengsao Thailand have been bought by Zhejiang Hailiang Co. Ltd. This announcement follows a similar agreement which was signed on 21st December 2016.

The sale will include Luvata Tube (Zhongshan) Ltd, Luvata Alltop (Zhongshan) Ltd and Luvata Heating Cooling Technologies (Thailand) Ltd. The Division chiefly supplies solutions for the HVACR industries, as well as PC-cooling and other technologies. A buyer for the remaining North American operations in Kentucky USA and Monterrey Mexico has yet to be announced.

Both agreements have been facilitated by Luvata's financial advisor, Citigroup Global Markets Limited. Luvata was purchased in 2005 from Outokumpu Oyj under Private Equity by Nordic Capital.

 

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For more information please contact:

Justin Roux
Senior Vice-President of Communications
Luvata Group
+44 (0)208 380 0300



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