Ferro-Alloys.com: LONDON, Feb. 01, 2018 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ:GSM) ("Ferroglobe" or the "Company") announced today that it has successfully completed the acquisition from a wholly-owned subsidiary of Glencore International AG ("Glencore") of a 100% interest in Glencore's manganese alloys plants in Mo i Rana (Norway) and Dunkirk (France), after receiving the necessary regulatory approvals in France, Germany and Poland. The new subsidiaries will be renamed as Ferroglobe Mangan Norge and Ferroglobe Manganèse France. Ferroglobe has completed the acquisition through its wholly-owned subsidiary Grupo FerroAtlántica.

Simultaneously with the acquisition, Glencore and Ferroglobe have entered into exclusive agency arrangements for the marketing of Ferroglobe's manganese alloys worldwide and the procurement of manganese ores to supply Ferroglobe's plants, in both cases for a period of ten years.

Ferroglobe Executive Chairman, Javier López Madrid, commented "The acquisition of the Glencore plants in France and Norway represents a unique opportunity for Ferroglobe to become one of the world's largest producers with over half a million tons of sales of manganese alloys. The transaction will deliver solid growth to our existing platform and will provide significant advantages to our customers as Ferroglobe will be better positioned to serve multiple locations in a more agile manner."

The acquisition price for the two facilities included an up-front payment satisfied on closing plus an earn-out payment, payable over eight and a half years, based on the annual performance of each of the acquired plants. Ferroglobe CEO, Pedro Larrea, added, "The structure of the deal is such that it is immediately accretive for Ferroglobe and mutually beneficial in the marketing and procurement agreements."

• [Editor:yuyunqing]