(Alliance News) - KME Group Spa announced Monday that its subsidiary KME SE has signed a contract regarding the acquisition of 100 percent of the shares of Blackhawk Holding GmbH, a German holding company that owns 100 percent of Sundwiger Messingwerk GmbH.

Sundwiger Messingwerk GmbH, is a European leader in bronze rolled semi-finished products as well as a manufacturer of brass rolled semi-finished products.

The expected price of the acquisition will be about EUR62 million including the metal stock and will be paid for EUR41 million at closing and the remainder through a three-year interest-free vendor loan.

The closing of the transaction, expected in mid-2024, is subject to the fulfillment of certain conditions precedent, including approval by the relevant antitrust authorities.

"The transaction is part of the KME Group's strategy to strengthen its core copper and copper alloy rolled products business in order to further develop its important production know-how and product portfolio, with the aim of realizing operational efficiencies and providing the best possible service to customers," the company explained in a note.

KME Group on Friday closed down 0.8 percent at EUR0.90 per share.

By Claudia Cavaliere, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.