Umicore will buy the remaining 52% stake in chemical distributor Todini & Co, bringing its ownership to 100%, Umicore said on Tuesday December 2.
Umicore and the Todini Group have operated the joint venture focused on the distribution of chemical products, including metal salts and non-ferrous metal oxides, since 2005.
Todini will now be integrated into Umicore’s cobalt and specialty materials business unit.
Todini, based in Italy, has six subsidiaries outside Italy and is a European leader in the distribution of industrial chemical products, Umicore said in a statement.
The chemicals company distributes salts and oxides of non-ferrous metals, including nickel, selenium, cobalt, bismuth, copper, tin, molybdenum, vanadium and tellurium.
Its customers serve a variety of industries including surface treatment and plating, pigments, glass and ceramics and animal nutrition. The company generated a turnover of €125 million ($156 million) (metal included) in 2013 and employs 38 people.
The acquisition of the shares from the Todini family will enable Umicore to expand its distribution activities and strengthen its supply chain from raw materials to end-users, Belgium-based Umicore said.
“We are very pleased with this acquisition and the benefits it will bring to both companies in the different markets. Twelve months after our acquisition of US distributor Palm Commodities, this underlines our commitment to further expand our activities, to strengthen our product portfolio and to add an additional step in the overall value chain,” said Umicore global business director Joris van Hove.
The Todini Group also welcomed the deal. “Todini Group spa and Umicore can be proud of a successful and profitable collaboration over the past ten years. Becoming part of Umicore is the logical next step in the development of the [joint venture] Todini & Co,” Carlo Todini said.
The deal is expected to close around the end of this year, pending regulatory approvals.
Fleur Ritzema
fritzema@metalbulletin.com
Twitter: FleurRitzema_MB
