Umicore has announced that it has signed a share purchase agreement to acquire 100% of Eurotungstene, a company within the Eramet Group specialised in developing, manufacturing and marketing metal powders used in diamond tools and hard metal applications.
It was stated that the acquisition of Eurotungstene, which will be integrated into the Cobalt & Specialty Materials business unit, brings together two businesses with complementary strengths. It will allow Umicore to broaden its product portfolio to better serve the needs of its diamond tool customers by relying on Eurotungstene’s in-depth technical know-how, operational experience and diversified product portfolio. It will also allow Umicore to offer tungsten-based materials to hard metal customers.
“We are very pleased with this acquisition which is an excellent strategic fit for the tool materials activity of our Cobalt & Specialty Materials business unit. This transaction further supports our ability to grow and deliver value to our customers,” stated Benjamin Schmoker, Business Director of Umicore.
Eurotungstene, based in Grenoble, France, is specialised in processing metal bonding powders, tungsten powders and tungsten carbide powders for use in diamond tools and hard metal applications. In 2015, Eurotungstene generated a turnover of almost €42 million and employed 127 people.