(London, UK. 28th September 2016) We are pleased to announce the signing of a Share Purchase Agreement (SPA) with Mitsubishi Materials Corporation (MMC) to buy the Special Products division. The agreement has been facilitated by our financial advisor Citigroup Global Markets Limited and is expected conclude in the early part of 2017.
The Special Products division has 14 plants and support offices in 9 countries across The Americas, Europe and Asia, supplying solutions for the automotive, energy, healthcare, science and manufacturing industries. It has an extensive list of patents and trademarks, affording it a prominent or leading position in many global markets such as resistance-welding, solar energy and superconductors for science and healthcare.
The agreement was concluded on the shared belief that the acquisition, along with synergies in business platforms and customer bases, will accelerate the global expansion of MMC's copper-processing business, expand its business portfolio and establish a highly profitable business structure.
Jyrki Vesaluoma, Group MD and CFO comments: “The Special Products Division is emblematic of the improvement programmes we have run in 11 years under our current owners. It has great operations, strong operating margins and global footprint and is recognised as a leading innovator in critical markets such as energy and healthcare. There is a good technological and cultural fit between The Division and MMC, and together they will be able to provide an even more comprehensive product and service portfolio to their customers.”
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For more information please contact:
Senior Vice-President of Communications
+44 (0)7920 528874
About Special Products Division:
Employing over 1,200 staff in 9 countries, Special Products is a world leader in metal solutions manufacturing and related engineering services to industries such as renewable energy, automotive, healthcare and power generation and distribution. The Division’s continued success is attributed to its longevity, technological excellence and strategy of building partnerships beyond metals.
About Mitsubishi Materials Corporation (MMC):
Founded in 1871 and headquartered in Tokyo, MMC is a conglomerate of various businesses in diversified materials, ranging from copper and precious metals to cement, cutting tools and aluminum, as well as resource recycling and renewable energy across 29 countries. Within the Metals Company division, MMC produces wrought copper products (e.g. terminal connector materials for automobiles), electrical wires, and copper tubes. It also applies advanced technological capabilities to produce oxygen-free copper, oxygen-free copper alloys, and other special copper alloys, which are supplied globally.