Aug. 2, 2017

Outokumpu Sells Interest in Florida Pipe Plant to Ta Chen

Finnish specialty steelmaker Outokumpu has divested its financial interest in its pipe plant in Wildwood, Fla., to Ta Chen International. Ta Chen is a U.S.-based master distributor of stainless steel.

The divestment serves Outokumpu’s financial and operational interests, allowing Outokumpu to focus on its stainless steel production in the U.S. in Calvert, Ala., and Richburg, S.C., company officials say. Outokumpu’s other operations in the U.S. remain unchanged as a result of the divestiture.

The cash consideration of the transaction is approximately $30 million, depending on the amount of the net working capital at the closing.

Earlier this year, Ta Chen entered into a merger agreement with Empire Resources, a New Jersey-based distributor of aluminum and stainless products.


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Monday, January 22, 2018