Elkem (our sponsor) buys Fesil Rana Metall AS
Oslo, 15. august, 2016: Elkem has entered an agreement with Fesil AS, a subsidiary of MFC Bancorp LTD, to buy all the shares in Fesil Rana Metall AS and the company’s 33% share in Nor-Kvarts AS.
Based in Norway, Elkem is one of the world’s leading companies for environmentally responsible production of materials. Its principal products are silicon, silicones, ferrosilicon, foundry alloys, carbon materials and microsilica
The consideration is approximately cash equal to net asset value, subject to certain adjustments between the parties related to the profitability of Rana before Closing. Elkem will also purchase all Rana ferrosilicon inventory at other MFC subsidiaries for consideration equal to fair market value upon Closing.
Closing of this agreement is subject to customary closing conditions, including the receipt of necessary approvals from authorities, and is expected to take place as soon as relevant competition clearances have been issued.
Helge Aasen, Chief Executive Officer of Elkem AS, stated: “Buying Fesil Rana is a good fit for Elkem’s growth strategy and will improve our production flexibility. We look forward to continue developing the business through further value chain optimisation. “
For more information and interviews, please contact:
Kristin Karlstad, VP Public Relations, Elkem on +47 99 22 66 04.
Elkem is one of the world’s leading providers of silicon-related advanced materials. The Company is a fully integrated producer with operations throughout the silicon value chain from quartz, silicon and downstream silicone specialities as well as speciality ferrosilicon alloys and carbon materials. Headquartered in Norway, Elkem has a strong global footprint with about 3600 employees, 22 production plants, two research centres and sales offices in over 50 countries. Elkem is owned by China National Bluestar. __ About Fesil Rana Metall and Nor-Kvarts AS__
Fesil Rana Metall is a producer of standard and speciality ferrosilicon and microsilica based in Mo i Rana, Norway. The company has approximately 100 employees. Revenues in 2015 were 910 million NOK. Nor-Kvarts AS is a joint venture between Elkem and Fesil that runs five quartz production facilities in Spain. Fesil is currently owned by MFC Industrial Ltd.