Umicore N.V. (Brussels, Belgium; www.umicore.com) has signed a share purchase agreement to acquire 100% of Eurotungstene (Grenoble, France), a company within the Eramet Group specialized in developing, manufacturing and marketing metal powders used in diamond tools and hard metal applications.
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.
Benjamin Schmoker, business director of Umicore, commented: “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.”
Closing of this transaction, which remains subject to customary closing conditions, is anticipated to occur in the first half of 2017.