Umicore N.V. (Brussels, Belgium; www.umicore.com) has reached an agreement to acquire the heavy-duty diesel and stationary catalyst businesses of Haldor Topsoe for an enterprise value of DKK 900 million (approx. EUR 120 million) plus an earn-out.
Haldor Topsoe is a leading producer of high-performance catalysts for a wide range of industries. Its automotive catalysts are used in emission systems for on-road and non-road heavy-duty diesel applications and ensure compliance with the most stringent emission norms, including Euro VI. Its stationary business offers catalytic solutions to treat NOx emissions from industrial sources such as gas-fired power plants as well as marine applications. The businesses currently employ some 280 people, serve customers from production plants in Frederikssund (Denmark), Houston (Texas), Tianjin (China) and Joinville (Brazil) and has R&D facilities in Lyngby (Denmark).
Through this acquisition Umicore will gain access to an extended customer base, particularly in Europe and China, a broader product portfolio for heavy-duty diesel applications, as well as additional IP and technology in the field of emission control catalysis. It also provides Umicore with an entry into the stationary emission control segment. The combined businesses will continue to focus on innovation to stay at the forefront of developing sustainable technologies and products for its customers.
Pascal Reymondet, Executive Vice-President Catalysis, said: “The business is highly complementary with Umicore, particularly through its focus on cutting edge technology, operational excellence and sustainability. We are looking forward to welcoming our new colleagues to Umicore. The combination of expertise, talent and technology will enable us to further support our customers with an even broader product and service offering.”
It is anticipated that the acquisition will be earnings accretive from 2018.
The transaction is subject to customary closing conditions, including regulatory filings, and is expected to be finalized around year-end.