Outokumpu sold its holding in Nordic Brass
STOCK EXCHANGE RELEASE
1 November 2011 at 10.30 am EET
Outokumpu has sold its 50% holding in Nordic Brass Gusum, a brass rod mill in Sweden, to the operative management. The consideration and cash flow impact of this transaction is marginal, however, Outokumpu will book a loss of approximately EUR 13 million in the Group's fourth quarter accounts. In 2010, the turnover of Nordic Brass Gusum amounted to EUR 110 million and the business currently employs some 150 people.
After the sale, Outokumpu will still own a brass rod plant in Drünen in the Netherlands. In 2010, the turnover of this business totalled some EUR 60 million and it currently employs approximately 170 people. It is Outokumpu's intention to divest also this business.
Outokumpu is a global leader in stainless steel with the vision to be the undisputed number one. Customers in a wide range of industries use our stainless steel and services worldwide. Being fully recyclable, maintenance-free, as well as very strong and durable material, stainless steel is one of the key building blocks for sustainable future. Outokumpu employs some 8 000 people in more than 30 countries. The Group's head office is located in Espoo, Finland. Outokumpu is listed on the NASDAQ OMX Helsinki.
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