The metal dealer Klöckner & Co is strengthening itself with a small takeover in North America.
Through its US subsidiary Klöckner Metals Corporation, the Duisburg-based company is taking over the metal components manufacturer Industrial Manufacturing Services (IMS). The contracting parties agreed not to disclose the purchase price and details of the deal, as the SDAX company announced on Thursday in Duisburg. The group wants to consolidate the companies from November.
IMS manufactures metal components serving original equipment manufacturers (OEM) in the heavy equipment industry in North America. The company is based in Lancaster, South Carolina. It employs around 100 people there and generates annual sales of around 30 million US dollars (28 million euros). This corresponds to 0.6 percent of the sales of the US subsidiary of Klöckner & Co, which generated around $5.4 billion in revenue in the 2022 financial year.
Klöckner boss Guido Kerkhoff described the takeover as “significant”. According to its own statements, the group wants to become more independent of steel price developments and benefit more from the processing business, which usually describes the production and processing of the material.
Via XETRA, the KlöCo share rose temporarily by 2.16 percent to 5.67 euros.
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DUISBURG (dpa-AFX)
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