Outokumpu - European Commission approves the sale of Terni and VDM to ThyssenKrupp

OUTOKUMPU OYJ
STOCK EXCHANGE RELEASE
February 12, 2014 at 1.20 pm EET
 

The European Commission has today approved the divestiture of Terni remedy assets, related service centers and VDM business unit to ThyssenKrupp, which was announced on November 30, 2013. 

Says CEO Mika Seitovirta: “This is an important milestone. The divestiture of Terni and VDM business will significantly strengthen Outokumpu’s balance sheet and liquidity, and allow us to focus fully on our stainless steel business and the measures we are taking to turn Outokumpu back to profitability.”

Outokumpu expects to close the transaction in the next few weeks, subject to fulfillment of all closing conditions.

For more information:

Investors: Johanna Henttonen, tel. +358 9 421 3804, mobile +358 40 530 0778

Media: Saara Tahvanainen, tel. +358 40 589 0223

Outokumpu Group



Outokumpu is the global leader in stainless steel and high performance alloys. We create advanced materials that are efficient, long lasting and recyclable – thus building a world that lasts forever. Stainless steel, invented a century ago, is an ideal material to create lasting solutions in demanding applications from cutlery to bridges, energy and medical equipment: it is 100% recyclable, corrosion-resistant, maintenance-free, durable and hygienic. Outokumpu employs more than 15 000 professionals in more than 40 countries, with headquarters in Espoo, Finland and shares listed in the NASDAQ OMX Helsinki. www.outokumpu.com