Steel trader - Klöckner & Co wants to sell parts of its business in Europe
The steel trader Klöckner & Co wants to divest parts of its distribution business in Europe. The national companies in France, the UK, the Netherlands and Belgium are to be sold to the Spanish company Hierros Anon, the company announced in Duisburg on Friday. The Spanish company had submitted an offer for this. The companies posted an operating loss in the first nine months.
According to Klöckner, the transaction is expected to have a significantly positive impact on adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) from the 2024 financial year. The closing of the transaction is subject to regulatory approvals, among other things, and is expected in the first half of 2024.
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Klöckner & Co's decision to sell its distribution businesses in France, the UK, Belgium, and the Netherlands, including its operations in Duisburg, has attracted interest from various potential buyers. Despite the sale, the company's operations in other European countries, such as the Netherlands, will continue to play a crucial role in its overall strategy.
Source: www.stern.de
