Metso Outotec to divest its metal recycling business
Metso Outotec has signed an agreement to divest its Metal Recycling business line to an affiliate of Mimir, an investment company based in Stockholm, Sweden. The closing of the transaction is expected to take place during the first half of 2022. The parties have decided not to disclose the value of the transaction. The divestment will not have a material impact on Metso Outotec’s financial results.
Metso Outotec announced in October 2020 that it intends to divest its recycling businesses, which have since been reported as part of discontinued operations in Metso Outotec’s financial statements. The divestment of the Waste Recycling business has already been completed.
The Metal Recycling business sold to Mimir includes the brands Lindemann and Texas Shredder. The business will change name in conjunction with the divestment and operate globally under the Lindemann brand, with headquarters in Düsseldorf, Germany. Its current approximately 160 employees will transfer to the new company in connection with the transaction. The net sales of the business totalled EUR 77 million in 2020.
Mimir is a global investment firm acquiring non-core business units of large corporations as well as private companies that need operationally oriented ownership. The Mimir group has operations in 20 countries world-wide, employing 1 200 employees.
