Umicore: acquires Europe's largest cobalt refinery

(CercleFinance.com) - Umicore said it is acquiring Europe's largest cobalt refinery, located in Finland, to support the rapid growth of its battery materials business.


The Belgian company is buying the plant for 150 million dollars on a debt and cash-free basis, plus the value of the working capital of approximately 40 million euros, it said.

Umicore said it is not acquiring the cobalt fine powders, chemicals, catalysts, ceramics and pigments activities that will continue to be run by current operator Freeport Cobalt.

The deal, to be finalised by the end of 2019, will be funded from Umicore's existing credit facilities.

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