Aurubis to review other strategic options for Segment Flat Rolled Products
Hamburg | Wednesday, February 6, 2019
Following the European Commission’s decision today to veto the sale of Aurubis AG’s Segment Flat Rolled Products (FRP) to Wieland-Werke AG, Aurubis is reviewing strategic alternatives for the business division.
We are sorry to hear the Commission’s decision, though it doesn’t come as a surprise to us. In our opinion, Wieland-Werke would have offered a strong future prospect for Segment FRP,
commented Jürgen Schachler, Chief Executive Officer of Aurubis AG.
In October of last year, Aurubis announced that the Commission had expressed concerns about approving the transaction during discussions. “Already at that time, we identified additional potential options to fulfill our due diligence obligation, in case the sale to Wieland wouldn’t go through,” Schachler continued. “We will look at these more intensively now that we can’t carry out the transaction as originally intended. Our primary goal is still to find a prospect for this segment where the business can develop well in the long term.”
Within the Aurubis Group, the segment has undergone an intensive program to improve efficiency, which has yielded very good results. “The employees have earned our most sincere thanks for this commitment,” Jürgen Schachler said. “Regardless of the possible strategic options for FRP, we will continue to pursue the program unchanged and with the same intensity.”