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COBALT 

October, 2012 - Estonia, Estonia

 

 

LAWIN advised Outokumpu - global leader in stainless steel - in divesting part of its European stock operations to Amari

 

LAWIN advised Outokumpu in Lithuania, Latvia and Estonia in the sale of 100 per cent interest in its Baltic subsidiaries 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.

LAWIN pan-Baltic M&A team for this project included partners Zilvinas Zinkevicius and Martin Simovart, senior associates Heleri Tammiste and Maris Brizgo and associates Ruta Besusparyte and Karl Kull. Heleri Tammiste says that the deal was distinguished by its complexity as it involved 3 Baltic jurisdictions and participation in other 7. “As one pan Baltic law firm we once again demonstrated our strength to serve the client in the whole region, thus providing the same highest standard legal services and saving time to the client by efficiently coordinating the project tasks within our team.”

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.


 

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