ERAMET group : Change in the partnership between ERASTEEL and Heye Special Steel Co., Ltd in China
(Thomson Reuters ONE) -
Paris, 12 May 2017, 17:40
PRESS RELEASE
Change in the partnership between ERASTEEL and Heye Special Steel Co., Ltd in
China
ERASTEEL, a 100% subsidiary of ERAMET, and the Chinese company AT&M (Advanced
Technology & Materials Co., Ltd) have signed a memorandum of understanding
concerning the future of their activities in China in the domain of high-speed
steels. ERASTEEL is expected to sell its 10.29% stake in Heye Special Steel Co.,
Ltd to AT&M, Heye's majority shareholder. The transaction should take place in
the second half of 2017, subject to several regulatory approvals, for an amount
of 109.5 million yuan, i.e. approximately
?15 million.
AT&M has also announced that its subsidiary, Heye Special Steel Co., Ltd,
intends to sell its 51% stake in HEIML (Heye-Erasteel Innovative Materials Co.,
Ltd). It is envisaged that ERASTEEL could acquire this stake. Currently,
ERASTEEL owns 49% of HEIML's shares. HEIML is a Chinese company based in
Tianjin, specialised in bars drawing and wire drawing of high-speed steel.
- ooOoo -
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ABOUT ERAMET
ERAMET is one of the leading global producers of:
* alloying metals, particularly manganese and nickel, used to improve the
properties of steel,
* as well as high-performance special steels and alloys used in industries
such as aerospace, power generation and tooling.
ERAMET is also developing activities with high growth potential, such as mineral
sands (titanium dioxide and zirconium), lithium and recycling.
The Group employs nearly 13,000 people in around 20 countries.
CONTACT
Vice President Strategy and Financial Communication
Philippe Gundermann - Tel: +33 (0)1 45 38 42 78
Strategy and Financial Communications Analysts
Ludovic Donati - Tel: +33 (0)1 45 38 42 88
Arthur Perroton - Tel: +33 (0)1 45 38 37 32
For more information: www.eramet.com
Follow us with the ERAMET Finance mobile app:
IOS: https://itunes.apple.com/fr/app/eramet-finance/id1115212055?mt=8
Android: https://play.google.com/store/apps/details?id=com.eramet.finance
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Change in the partnership between ERASTEEL and Heye Special Steel:
http://hugin.info/143395/R/2103980/798546.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Groupe Eramet via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 12.05.2017 - 17:41 Uhr
Sprache: Deutsch
News-ID 542253
Anzahl Zeichen: 3229
contact information:
Town:
Paris
Kategorie:
Business News
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"ERAMET group : Change in the partnership between ERASTEEL and Heye Special Steel Co., Ltd in China"
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