LONDON Nov 28 Belgian specialty materials group
Umicore has completed the sale of its zinc units to
U.S. based private equity firm OpenGate Capital for $150
Umicore, with over 10 billion euros ($10.6 billion) in
turnover, first announced the sale of its zinc chemicals
business in 2015 to focus on clean mobility and recycling amid a
drop in earnings.
The zinc business, which was sold in a debt and equity
transaction, generates more than 400 million euros in revenue a
year and produces fine zinc powders for industrial coatings and
zinc for batteries. It was renamed EverZinc by OpenGate Capital.
The U.S. private equity firm has recently bought Italian PVC
films manufacturer Alfatherm and is looking to increase
investment in the nano-zinc oxide sector, OpenGate chief
executive Andrew Nikou told Reuters.
Zinc oxide is used in creams and ointments that treat skin
diseases but also to manufacture rubber and cigarettes.
"We find the zinc oxide market very interesting in North
America and we have identified a potential target we are in
discussion with today that would be an interesting bowtie for
EverZinc," Nikou said.
(Reporting by Clara Denina; Editing by Mark Potter)