Metso Outotec Completed Divestment of Metal Recycling Business

SEATTLE (Scrap Monster): Helsinki, Finland-headquartered Metso Outotec Corporation announced that it has successfully completed the previously announced divestment of its metal recycling business to Mimir- a Stockholm, Sweden-based investment firm.

The divestment was initially announced towards the end of the previous year. At that time, the company had said that it expects the transaction to close during the initial half of 2022. The value of the transaction was not disclosed. Also, it was unlikely to have material impact on the company’s financial results.

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The divested businesses included the brands Lindemann and Texas Shredder. The sold business will change name and operate under the Lindemann brand across the world and will be headquartered in Dusseldorf, Germany. Nearly 160 employees of Metso Outotec have already been transferred to the new company.

The metal recycling business will continue to implement its strategy together with the new owner, whose primary focus would be to quickly expand its leading market position and be able to provide its products and services to a growing global customer base.

Earlier, Metso Outotec had divested its waste recycling business to investment firm Ahlstrom Capital. The business now has its headquarters in Horsens, Denmark and operates under the M&J brand.