Umicore N.V. (Brussels, Belgium; www.umicore.com) has reached an agreement to sell its Zinc Chemicals business unit to OpenGate Capital, a U.S.-based private equity firm with a focus on developing a broad portfolio of high-quality industrial activities. The transaction places an enterprise value of €142.4 million on the business and is expected to be closed during the second half of 2016, subject to standard regulatory approvals.
Commenting on the transaction, Umicore CEO Marc Grynberg said: “We are delighted to have concluded this deal. Zinc Chemicals has an outstanding portfolio of products and operations and our colleagues have done a great job to position the business as a leader in its market segments. The new owner has a clear industrial project and will provide the business with the means to further develop and grow.”
Umicore signalled its intention to carve out and sell its Zinc Chemicals business in early 2015. The operations encompass 580 people in eight industrial sites in Europe and Asia. Umicore’s strategy is focused primarily on the development of its businesses in the areas of clean mobility and recycling.