Umicore to acquire Eurotungstene from the Eramet Group
Umicore announced today that it has signed a share purchase agreement to acquire 100% of Eurotungstene, a company within the Eramet Group specialised in developing, manufacturing and marketing metal powders used in diamond tools and hard metal applications.
The acquisition of Eurotungstene, which will be integrated into the Cobalt & Specialty Materials business unit, brings together two businesses with complementary strengths. It will allow Umicore to broaden its product portfolio to better serve the needs of its diamond tool customers by relying on Eurotungstene’s in-depth technical know-how, operational experience and diversified product portfolio. It will also allow Umicore to offer tungsten-based materials to hard metal customers.
Benjamin Schmoker, business director of Umicore, commented: “We are very pleased with this acquisition which is an excellent strategic fit for the tool materials activity of our Cobalt & Specialty Materials business unit. This transaction further supports our ability to grow and deliver value to our customers.”
Closing of this transaction, which remains subject to customary closing conditions, is anticipated to occur in the first half of 2017.
Eurotungstene is based in Grenoble, France. The business is specialised in processing metal bonding powders, tungsten powders, and tungsten carbide powders for use in diamond tools and hard metal applications.
In 2015 Eurotungstene generated a turnover of almost € 42 million and employed 127 people.
About Umicore Cobalt & Specialty Materials
Umicore Cobalt & Specialty Materials produces a variety of cobalt and nickel-based chemicals for a wide range of applications. One of its product groups is cobalt and pre-alloyed powders for the production of diamond tools and hard metal applications used for stone cutting and construction, metal cutting tools and wear parts.