Outokumpu has entered into an agreement with F.E.R. Fischer Edelstahlrohre GmbH concerning a joint venture between the two companies known as Fischer Mexicana S.A. DE C.V.
terms, Outokumpu will sell its 50 percent stake in the joint venture
to Fischer for $63 million. The transaction, designed to reduce Outokumpu's outstanding debts, is expected to close in the fourth quarter.
Outokumpu's Mexican operations will remain as they are.
Originally founded by ThyssenKrupp Mexinox and Fischer, the joint venture was launched in 1998. Since then, it has grown to become the largest producer of stainless steel tubes in Mexico.
“As a joint venture, Fischer Mexicana has served its purpose well,"
Outokumpu's Chief Executive Officer
Mika Seitovirta said. "However, as the tubular products of this joint venture are not at the core of our current business, we wanted to seize the opportunity to sell our share in the company and thereby contribute to our debt-reduction efforts. Fischer remains a valued, long-standing customer that we will continue to serve with strong commitment."
Outokumpu employs more than 12,000 professionals in more than 30 countries. For more information, visit www.outokumpu.com.
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