COBALT Estonia advised Outokumpu in Estonia in the sale of 100 per cent interest in its Estonian subsidiary to Amari group companies.
The completed transaction divested part of Outokumpu’s European stock operations to Amari and its group companies. With this transaction, approximately 100 Outokumpu employees and 10 of its stock operations in nine countries have been transferred to Amari.
The cash consideration of the transaction is approximately EUR 18 million, paid at the completion of the transaction. Outokumpu booked a non-recurring impairment of EUR 10 million in the second quarter accounts.
Rationalisation of the distribution network is part of the Outokumpu Group’s on-going programmes to reduce working capital by EUR 250 million and achieve cost savings of EUR 100 million.
COBALT Estonia team for this project included partner Martin Simovart, senior associate Heleri Tammiste and associate Karl Kull.
Outokumpu is a global leader in stainless steel industry, employing ca. 8 000 people in more than 30 countries and listed on the NASDAQ OMX Helsinki.
Amari is an international multi-metal supplier, specialising in stainless steel, copper/nickel alloys and aluminium semi-finished products.