Eramet To Sell Tinfos International Unit To Holta Invest

Date : 12/10/2009 @ 12:55PM
Source : Dow Jones News
Stock : Eramet (ERA)
Quote : 74.35  0.3 (0.41%) @ 11:40AM
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Eramet To Sell Tinfos International Unit To Holta Invest

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French mining and metallurgical group Eramet SA (ERA.FR) said Thursday it has sold its Tinfos International unit to Holta Invest AS.

MAIN FACTS:

-Tinfos International is the parent company of Luxembourg-based Tinfos Nizi SA which employs 80 people and groups together the trading activities previously held by the Norwegian company Tinfos AS, in which Eramet acquired a majority interest on July 30, 2008.

-Eramet announced last year its intention to divest those trading activities. .

-Following the transaction, Tinfos Nizi will continue to distribute high purity pig iron from Tinfos Titan & Iron, an Eramet subsidiary.

-The sale of Tinfos International remains subject to certain conditions precedent being fulfilled and the necessary approvals being obtained by January 31, 2010.

-The buyer, Holta Invest AS, 100% owned by Kjetil Holta, was the largest shareholder of Tinfos AS before it was sold to Eramet last year. Holta Invest, with its previous extensive knowledge of Tinfos Nizi, has ambitions to further develop the company's trading and distribution activities, Eramet says.

-By Paris Bureau, Dow Jones Newswires; +331-4017-1740; art.mooradian@dowjones.com.

 
 
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