Umicore acquires Finland cobalt refinery for $150mln

Belgian battery-materials manufacturer Umicore SA has reached an agreement with Freeport Cobalt to acquire the latter's cobalt refining and cathode precursor business at the Kokkola refinery in Finland.

The transaction is expected to be finalized by the end of 2019, and Umicore will pay a total consideration of $150 million on a debt and cash free basis, plus the value of the working capital to be taken over at closing.

The acquired operations will supply precursors for Umicore’s cathode materials production in Nysa, Poland, which is due to start in the second half...


Susan Zou

May 24, 2019

06:03 GMT