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Takeover of eww provides platform for growth - ruukki group by wwy yrj
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Takeover of eww provides platform for growth - ruukki group by WWY YRJ
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| Article Posted: 09/18/2012 |
| Article Views: 38 |
| Articles Written: 1412 - MORE ARTICLES FROM THIS AUTHOR |
| Word Count: 383 |
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Takeover of eww provides platform for growth - ruukki group |
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Business,Business News,Business Opportunities
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Ruukki Group has unveiled plans to consolidate ownership of itsspecialty alloys operations in a EUR 25.3 million deal with 28.49%shareholder Kermas. Ruukki will pay EUR 17.3 million to acquire German ferrochromemaker Elektrowerk Weisweiler and a further EUR 8 million to end anagreement to share the profits and losses of chromite minerTürk Maadin Sirketi and trading unit RCS. When Kermas took the strategic stake in Ruukki in 2008, it broughtthe three businesses with it. While Ruukki took ownership of theTurkish mining operation and the Malta based trading business, itfelt more comfortable entering an exclusive ten year agreement withEWW. It meant EWW produced its ferrochrome products only for Ruukkiwhile remaining under Kermas ownership.
Mr Thomas Hoyer CEO of Ruukki told Proactive Investors that "Overthe past four years Ruukki has been strengthening its understandingand management of the specialty alloys operations and it is nolonger necessary to have Kermas' involvement." The deal also provides certainty and transparency for investors andof course Ruukki itself. Mr Hoyer added that "I do not want to have the risk of peoplewondering what will happen in six years when the tolling agreementwould have run out. While Kermas' large stake in our company formsa natural hedge, what's good for Ruukki is good for Kermas, whoknows what happens to that stake in six years? A lot of things canhappen in that time, so now it was important to draw a clear linebetween Ruukki's and Kermas's businesses and show that Ruukkicontrols and owns its key assets." The stellar performance of EWW was another important consideration,Mr Hoyer revealed that "It is performing very, very well. We have alot of demand for the product, we have long-term agreements and itis a good platform for growth.
We could increase production. Wecould also develop other products. And now that it's ours, wecan make those decisions. In a time where most ferrochromeproducers are struggling to make any profits, our specialty alloysbusiness is constantly performing very well. It generated revenuesof more than EUR 80 million last year, and by far the largestcontributors to that were products made at EWW." Source - Proactive Investors. I am an expert from Intermediates, usually analyzes all kind of industries situation, such as used pocket bike , deluxe shoe bag.
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