- Partners signed binding term sheet
- Acquisition will require approval of anti-trust authorities
- Global business growth driven by digitalization, connectivity and mobility trends
Wieland and Aurubis signed a binding term sheet with the objective to integrate the global business unit Flat Rolled Products from Aurubis into to the Wieland Group. Following the completion of the sale and purchase agreement in the next few weeks, the proposed transaction will require clearance from several antitrust authorities.
“The integration of Aurubis’ Flat Rolled Products business will enable the Wieland Group to better meet the increasingly global customer requirements for high end copper and copper alloys solutions. Enabling our customers’ success through supply security and short lead times, worldwide, combined with Wieland´s well known high technical expertise, top quality and outstanding service, is the main objective of this transaction”, says Dr. Erwin Mayr, CEO of the Wieland Group.
The Aurubis Flat Rolled Products business, with manufacturing plants in the USA, the Netherlands, in Finland and Germany as well as Service Centers and Sales Offices across Europe and wider Asia, had revenues of € 1.5 billion (including the 50% share of Schwermetall) and about 1,900 employees in fiscal year 2016/17.
“With a history of almost 200 years, a family ownership structure, and high core competencies in the field of semi-finished products, Wieland would be an ideal partner for the takeover and sustainable integration of Aurubis Flat Rolled Products business and its employees. At the same time, this step goes hand in hand with the ongoing transformation of Aurubis into a multi-metals group, as recently outlined in the new company strategy” says Jürgen Schachler, CEO of Aurubis AG.