The transaction is expected to close in the first half of 2022. The parties have decided not to disclose the value of the transaction. The sale will not have a significant impact on Metso Outotec’s financial results.
Metso Outotec announced in October 2020 its intention to divest its recycling business, which has since been reported as part of discontinued operations in Metso Outotec’s financial statements. The disposal of the Waste Recycling activity has already been finalized.
“We are delighted that in the future the Metal Recycling activity will continue to implement its strategy with the new owner Mimir. As a well-established stand-alone company, it will fully focus on the metals recycling markets and customers, ”said Piia Karhu, Senior Vice President, Business Development and Metal Recycling business line at Metso Outotec.
“This is a great opportunity for Metal Recycling to take a new step in our development,” says Ioannis Giouvanitskas, vice-president of Metso Outotec Metal Recycling. “Mimir has the resources to rapidly expand our leadership position in the market and to be able to provide our products and services to a growing global customer base,” he continues.
“We warmly welcome Metso Outotec Metal Recycling to Mimir and look forward to driving the growth of this attractive company with its employees. Metso Outotec Metal Recycling is a typical Mimir investment, coming from a large company with cutting-edge technological and engineering expertise that positions it among the high-end brands in its markets ”, said Joakim Notö, Managing Partner and chairman of the group at Mimir Invest.
The Metal Recycling activity ceded to Mimir includes the Lindemann and Texas Shredder brands. The company will change its name in conjunction with the divestiture and operate globally under the Lindemann brand, headquartered in Düsseldorf, Germany. Its approximately 160 current employees will be transferred to the new company as part of the transaction. The activity’s net turnover amounted to 77 million euros in 2020.
Mimir is a global investment firm that acquires non-core business units from large corporations as well as private companies in need of operations-oriented ownership. The Mimir group is present in 20 countries around the world and employs 1,200 people.