Metso Outotec has signed an agreement to sell its Aluminium business to REEL International, headquartered in France. The business was announced to be for sale a year ago and has been since reported under discontinued operations.
The business to be divested comprises of green anode plants, anode rodshops, and casthouses used in aluminium smelters as well as related equipment and services. Approximately 120 Metso Outotec employees will join REEL upon closing, which is expected to take place during the first quarter of 2021.
The parties have agreed not to disclose the value of the transaction. The sale will have no material impact on Metso Outotec’s financial result.
“I’m very pleased that our aluminium technologies and experts will have a good new home at REEL International, where the development of the business will continue for the benefit of the global aluminium customers,” says Jari Ålgars, President of Metals business area, Metso Outotec.
“It’s rare to find another business with such a complementary product portfolio in primary aluminium technology, and we’re excited to be joining REEL International. I’m confident that this transaction will enable our team to continue supporting our customers’ businesses in an efficient way. This agreement is proof of the hard work and commitment of our team during this extraordinary year”, says Antti Koulumies, Vice President, Aluminium business line, Metso Outotec.
“We’re pleased to welcome Metso Outotec’s aluminium business and personnel to the REEL family. With our complementary product portfolio and geographical footprint, we’ll be able to serve our customers even better around the world”, says Philippe Frantz, Chairman of the Board of REEL International SAS.