Umicore, a global materials technology and recycling group headquartered in Brussels, Belgium, has completed the acquisition of the cobalt refining and cathode precursor activities in Kokkola, Finland, from Freeport Cobalt for the amount of $203 million on a debt and cash free basis (including approximately $50 million of net working capital).
All regulatory clearances in relation to the transaction have reportedly been obtained. It is anticipated that the acquisition will be earnings accretive from 2020 and value accretive from 2021, after completion of the integration process and a reduction of the net working capital resulting from supply chain synergies.
Umicore Cobalt & Specialty Materials is a worldwide leader in the recycling, refining, transformation and marketing of cobalt and nickel specialty chemicals. It covers all steps of the value chain, from sourcing to distribution, with production units and sales offices on all continents. The company’s broad knowledge and expertise covers a multitude of applications, in both chemicals and Powder Metallurgy.