European Commission approves Aurubis' purchase of Metallo Group

The European Commission‘s antitrust authorities have issued Aurubis AG, Hamburg, Germany, unconditional approval for the acquisition of the Belgian-Spanish Metallo Group. This concludes the merger control proceedings that have been ongoing since August 2019. The transaction will close May 29, according to a news release from Aurubis. Metallo’s integration into Aurubis begins June 1.

In May 2019, Aurubis reported its intention to acquire the recycling and refining company Metallo for a purchase price of 380 million euros. Metallo Group Holding is currently majority-owned by investment firm TowerBrook Capital Partners and specializes in the recovery of nonferrous metals from a variety of material streams. The company employs about 540 people at locations in Belgium and Spain.

“Today is a remarkable day for Aurubis and Metallo,“ says Aurubis AG Executive Board Chairman Roland Harings. “We enthusiastically welcome the approval of the Metallo Group acquisition. The merger is a key milestone in the implementation of our multimetal strategy. Recycling is crucial for a sustainable society and, furthermore, is an attractive global growth market. Metallo’s processing know-how and technical processes perfectly complement Aurubis’ core expertise. Together, we will continue to expand our capabilities and capacities for recycling important industrial and precious metals, making a meaningful

contribution to strengthening the circular economy. With their ‘zero waste’ business model, Metallo and Aurubis already ensure that all input materials are processed into products of value.”

Aurubis AG Supervisory Board Chairman Fritz Vahrenholt adds. “The supervisory board welcomes today’s decision from Brussels. The acquisition of Metallo, with its plants in Belgium and Spain, is a notable growth step in the recycling of copper and other metals like nickel and tin—this is important for our competitiveness in a challenging international market. In addition, Aurubis und Metallo share values such as sustainability, innovation and cutting-edge technology.”

Metallo Belgium, based in Beerse, was founded in 1919. In the 1960s, the company developed processes to recycle copper, tin and lead from raw materials with low metal content and promoted innovations to invest in sustainable technologies in order to strengthen its “zero waste” strategy. Metallo Spain, formerly called Elmet, was founded in Berango (in the province of Biscay) in 1991.