Outokumpu Oyj Completes Divestiture of Part of European Stock Operations
09/04/2012 - Outokumpu has completed the transaction to divest part of its European stock operations to Amari, as announced on 4 July 2012.
Outokumpu has completed the transaction to divest part of its European stock operations to Amari, as announced on 4 July 2012. With this transaction, approximately 100 Outokumpu employees and 10 of its stock operations in nine countries have been transferred to Amari.
The cash consideration of the transaction is approximately €18 million, paid at the completion of the transaction. Outokumpu booked a non-recurring impairment of €10 million in the second quarter accounts.
Rationalization of the distribution network is part of the group’s ongoing programs to reduce working capital by €250 million and achieve cost savings of €100 million.
Outokumpu is a global leader in stainless steel with the vision to be the undisputed number one. Customers in a wide range of industries use our stainless steel and services worldwide. Being fully recyclable, maintenance-free, as well as very strong and durable material, stainless steel is one of the key building blocks for sustainable future. Outokumpu employs some 8 000 people in more than 30 countries. The group’s head office is located in Espoo, Finland. Outokumpu is listed on the NASDAQ OMX Helsinki.
