Selling fluxes

Athens-based S&B Industrial Minerals is acquiring the German fluxmaker Stollberg for 43.8 million Euros.

Athens-based S&B Industrial Minerals is acquiring the Stollberg Group from Degussa of Dusseldorf, Germany for 43.8 million Euros.

Stollberg’s core business is the production of casting fluxes, a range of products used to facilitate the continuous steel casting process.

Headquartered in Oberhausen, Germany, the company is fully owned by SKW Metallurgie, a 100% subsidiary of Degussa.

It owns production facilities in Germany, the US, France, Brazil, India, Korea (the Korean business is a 50:50 joint venture with Samil) and China (owned through the Korean business). A total of about 350 employees are employed worldwide.

Total sales for the year ended in December 31, 2003 were 60.3 million Euros.

The deal, still subject to the approval of the Supervisory Board of Degussa and of the relevant regulatory authorities, should be completed in about two months. It will be financed through S&B’s current credit facilities.