(AOF) – Following the unilateral offer received from Ineos Enterprises on July 25, 2023 for the repurchase of 100% of the shares of Eramet Titanium & Iron (“ETI”), Eramet announces that it has sold its Norwegian subsidiary for a value of 245 million dollars. The transaction thus completed is final and is no longer subject to any conditions, all regulatory authorizations having been obtained by Ineos Enterprises prior to Eramet’s acceptance of the offer received.
ETI is a Norwegian plant processing ilmenite into titanium dioxide slag for the pigment industry. It also produces high purity cast iron for the European foundry market.
This sale, with immediate effect, allows Eramet to strengthen its balance sheet and will contribute to financing its projects in the metals necessary for the energy transition.
The agreement between Eramet and Ineos Enterprises also includes a long-term supply contract for ilmenite produced by Grande Côte Opérations, the Group subsidiary which operates the mineral sands mine in Senegal.
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