Helsinki-based Metso Outotec says it has signed an agreement to divest its Metal Recycling business line to an affiliate of Mimir, an investment company based in Stockholm, with the transaction expected to close in the first half of 2022. The parties have decided not to disclose the value of the transaction, with Metso Outotec adding that the divestment will not have a material impact on its financial results.
The Metal Recycling business that Mimir purchased includes the Lindemann and Texas Shredder brands. The business will change its name in conjunction with the divestment and operate globally under the Lindemann brand, with headquarters in Düsseldorf, Germany. The business unit's nearly 160 employees will transfer to the new company in connection with the transaction. The net sales of the business totaled 77 million euros (nearly $87.4 million) in 2020.
Metso Outotec announced its intention to divest its recycling businesses in late October 2020. These businesses have since been reported as part of discontinued operations in Metso Outotec’s financial statements. The divestment of the company’s Waste Recycling business to Helsinki-based Ahlström Capital’s fully owned investment company Ahlstrom Capital BV was completed earlier this December.
Piia Karhu, senior vice president, Business Development and Metal Recycling business line, at Metso Outotec, says, “We are delighted that going forward, the Metal Recycling business will continue to implement its strategy together with the new owner Mimir. As an established standalone company, its full focus will be on the metal recycling markets and customers.”
“This is a great opportunity for Metal Recycling to take the next step in our development,” says Ioannis Giouvanitskas, vice president of Metso Outotec Metal Recycling. “Mimir has the resources to quickly expand our leading market position and to be able to provide our products and services to a growing, global customer base.”
Joakim Notö, managing partner and group chairman at Mimir Invest, says, “We warmly welcome Metso Outotec Metal Recycling to Mimir and look forward to driving growth for this attractive business together with its employees.”
He adds, “Metso Outotec Metal Recycling is a typical Mimir investment, being carved out from a large corporation with leading technology and engineering expertise that positions it among the premium brands in its markets.”
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 worldwide, employing 1,200 people.