Tata Steel Sells 50% Stake in Dutch Recycler
07/16/2012 - Tata Steel has agreed to sell its 50% stake in Dutch ferrous and non-ferrous metals recycler HKS Scrap Metals Co. to Euro Scrap Alliance (ESA), a subsidiary of TSR of Germany, for an undisclosed sum.
Tata Steel has agreed to sell its 50% stake in Dutch ferrous and non-ferrous metals recycler HKS Scrap Metals Co. to Euro Scrap Alliance (ESA), a subsidiary of TSR of Germany, for an undisclosed sum.
ESA already holds the remaining 50% stake in HKS and as a result of the deal ESA will become the 100% owner of HKS.
The transaction is in line with Tata Steel’s strategy of focusing on its core activities. The business connections between Tata Steel in the Netherlands and HKS will remain active. HKS generates annual sales of about EUR 400 million and employs about 180 people in six locations: Amsterdam, Amersfoort, Eindhoven, Hengelo, 's Gravendeel (where it is based) and Zwartsluis.
The transaction is subject to approval from the European Commission.
