KME buys German copper product producer Mansfelder Kupfer
HAMBURG, July 10 (Reuters) – A final deal has been signed for the sale of German copper products company Mansfelder Kupfer und Messing (MKM) for 80 million euros ($94 million) to fellow German copper producer KME, MKM said on Tuesday.
MKM last year produced over 270,000 tonnes of copper products at its plant in Hettstedt including rolled products, tubes, copper rods and wire rods.
Osnabrueck-based KME is owned by Italy's IntekGroup Spa, and produces about 330,000 tonnes of copper products annually worldwide, its website said.
The seller was investment company European Acquisition Midco Limited.
The sale will give MKM a globally active owner which is needed to meet the challenges of developing new products for sectors including electric vehicles, renewable energy and energy distribution, MKM Chief Executive Roland Harings said in a statement.
The combined companies will have an annual turnover of around 3 billion euros and around 4,900 employees.
($1 = 0.8516 euros)
(Reporting by Michael Hogan; Editing by Jason Neely)