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SSAB Becomes Full Owner of Tibnor
05/25/2011 - Outokumpu has sold its 15% holding in Tibnor AB, a leading Nordic distributor of steel and metals, to SSAB, making it the full owner of the company.
Outokumpu has sold its 15% holding in Tibnor AB, a leading Nordic distributor of steel and metals, to SSAB. With the transaction, SSAB which currently owns an 85% stake in Tibnor, becomes the full owner of the company.
Total consideration of the sale amounts to EUR 44 million and will be paid in cash. Outokumpu will book a tax-free capital gain of some EUR 36 million as financial income in the Group's second-quarter accounts. The transaction will have a marginal impact on Outokumpu's gearing due to the fair-value accounting of this holding on Outokumpu's balance sheet.
Tibnor, a leading steel and non-ferrous metals distributor in Sweden and the rest of the Nordic region, also has a subsidiary in Latvia.
“Tibnor is an important channel for reaching our customers on our Nordic domestic market and we see that the company possesses good development potential,” said SSAB’s President and CEO Martin Lindqvist.
The sale is not expected to impact on customer relations between Outokumpu and Tibnor, which markets and sells products from many different suppliers.
“Tibnor is an important channel for reaching our customers on our Nordic domestic market and we see that the company possesses good development potential,” said SSAB’s President and CEO Martin Lindqvist.
The sale is not expected to impact on customer relations between Outokumpu and Tibnor, which markets and sells products from many different suppliers.
SSAB is a global leader in value added, high strength steel. SSAB offers products developed in close cooperation with its customers to create a stronger, lighter and more sustainable world. SSAB has employees in over 45 countries and operates production facilities in Sweden and the US.
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 the company’s stainless steel and services worldwide. Outokumpu employs some 8000 people in more than 30 countries, and its head office is located in Espoo, Finland.
