Umicore says that it has agreed to sell its European technical materials business to Saxonia Edelmetalle GmbH, a German refiner and manufacturer of precious metal chemical compounds, semi-finished products and contact parts. Closing of the transaction is expected in the first quarter of 2018.

The agreement concerns the technical materials business in Germany and Italy, which makes contact materials and brazing alloys for technical applications. The business generated a turnover of €163 million in 2016. Technical materials in Europe employs approximately 300 people and has industrial sites in Hanau, Germany (Umicore Technical Materials AG & Co KG) and Vicenza, Italy (Italbras SpA). 

 ‘We believe that Saxonia is an ideal home for our European technical materials business,’ said Umicore CEO Marc Grynberg.

This move is reportedly in line with the company’s strategy to focus on developing activities in its growth platforms of clean mobility and recycling.

This story is reprinted from material from Umicorewith editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.