GTP is a leading player in the development, production and recycling of tungsten, cobalt and tantalum powder products.

"We are delighted with the different steps taken to further grow and expand our recycling and refining capabilities in the North American market,” said Jan Vliegen, senior vice-president of Umicore's Cobalt & Specialty Materials business unit. “Together with the recent acquisition of Palm Commodities this confirms our ambition to further strengthen our North American presence. It also underlines Umicore's commitment to contribute to the recycling of scrap in the hard metals industry."

In other news, Umicore has acquired the business and assets of CP Chemicals, a US refiner and recycler of cobalt and nickel. The company also recycles rhenium from superalloy turbine blades used in the aviation industry. CP Chemicals, which employs 40 people, will be integrated in Umicore's Cobalt & Specialty Materials business unit.

Business growth

"The transition of our business to Umicore creates an exciting opportunity for our company and employees to advance our position in the market of specialty materials recycling,” said Joe Patrick, president and CEO of CP Chemicals Group. “Umicore's competences and global footprint in the cobalt and nickel specialty chemicals markets provide the ideal collaboration for the growth of our business."