Finland’s Metso Outotec has announced the signing of an agreement to sell its metal recycling business line to a subsidiary of Mimir, an investment firm based in Stockholm, Sweden. The closing of the transaction is expected to occur during the first half of 2022 although both parties have decided not to disclose the value of the transaction.
Precisely, Metso Outotec announced last October that it intends to sell its recycling businesses, which have since been reported as part of discontinued operations in Metso Outotec’s financial statements. The metal recycling business sold to Mimir includes the Lindemann and Texas Shredder brands. The company will change its name in conjunction with the divestment and will operate globally under the Lindemann brand, headquartered in Düsseldorf, Germany. Its approximately 160 current employees will transfer to the new company in connection with the transaction. Net sales of the business amounted to €77 million in 2020.
Piia Karhu, senior vice president, business development and metal recycling business line at Metso Outotec notes, “This is a great opportunity for Metal Recycling to take the next step in our development,” says Ioannis Giouvanitskas, vice president of Metso Outotec Metal Recycling. “Mimir has the resources to rapidly expand our market-leading position and be able to deliver our products and services to a growing global customer base.”
Mimir is a global investment firm that acquires non-core business units of large corporations, as well as private companies in need of operationally oriented ownership. The Mimir group operates in 20 countries around the world and employs 1,200 people.
