[Ferro-Alloys.com]  YILDIRIM Group, a Dutch-Turkish industrial group headquartered in Istanbul and Amsterdam, has signed the agreement for the acquisition of 100% shares of Elementis plc’s chromium business. YILDIRIM Group has acquired Elementis Chromium business for an enterprise value of USD 170 million. The transaction includes the transfer of environmental liabilities of USD 35 million and other liabilities of USD 8 million, with the total cash proceeds on completion expected to be around USD 119 million before tax, after all transaction costs and subject to customary closing working capital adjustments. The transaction is subject to United States regulatory approval, which is expected to finalize in the first quarter of 2023.

Elementis is the only chromium chemicals producer in the Americas, with a leading presence in North America. YILDIRIM Group has acquired Elementis Chromium’s 2 production facilities in Corpus Christi (TX) and Castle Hayne (NC) as well as 3 facilities in Amarillo (TX), Dakota (NE) and Milwaukee (WI). The company produces chromic acid, chrome oxide, chrome sulfate, sodium dichromate and sodium sulfate, used primarily in metal plating, timber treatment, coatings, leather tanning and other industries.

YILDIRIM is looking forward to adding Elementis Chromium’s complementary portfolio, as they have a keen business plan to create “The Chromium Company” of the industry. The acquisition will expand and grow their metals and mining business by adding chrome chemicals to the production and trade portfolio. The proposed business plan will transform Elementis Chromium into one of YILDIRIM’s most valuable subsidiaries.

Robert Yuksel YILDIRIM, the President & CEO of YILDIRIM Group has made the following remarks:

“I am very proud and excited to welcome Elementis Chromium into YILDIRIM Group. We had a big dream to establish “The Chromium Company” under Yilmaden Holding, and Elementis is one of the final steps and the missing piece of the puzzle towards achieving this dream. Now with chrome chemicals under our belt, we are bringing complementary capabilities to our end-to-end chromium business, and creating a unique chromium experience at YILDIRIM. Our new global chromium structure offers not only chrome minerals and ferrochrome metals, but also metallurgical and chemical grade chromium products and industrial chemicals.”

As a result of the acquisition, YILDIRIM Group’s metals and mining division Yilmaden Holding will better serve customers with expanded chromium offerings. Yilmaden is already the largest chromium company in Europe, the 2nd largest producer of high carbon ferrochrome (HC FeCr) in the world, and a leading player in the high-quality chrome ore mining segment. The company owns chrome mines, ferrochrome and ferroalloys production plants in Turkey, Sweden, Kazakhstan, Albania, Kosovo, and Russia. They also own low-phosphorus metallurgical coke production facilities in Colombia, and a ferrovanadium and ferromolybdenum metallurgical plant in the United States. Yilmaden Holding exports its products to customers in more than 100 countries via well-located distribution centers across the world under their trade house Polymetcore SA in Lausanne, Switzerland.

A global industrial conglomerate, YILDIRIM Group is active in various sectors such as metals and mining, port management, fertilizers and chemicals, renewable energy, construction and infrastructure, and private equity financing. The company operates in 55 countries on 5 continents, globally employing more than 20,000 people.

• [Editor:tianyawei]