Tata Steel exits Dutch recycler HKS Scrap Metals Co
16 July 2012
Tata Steel has agreed to sell its 50 per cent stake in Dutch recycler HKS Scrap Metals Co to a unit of Germany's TSR for an undisclosed amount.
TSR already holds a 50 per cent stake in HKS, which generates annual income of 400 million euros.
"The transaction is in line with Tata Steel's strategy of focusing on its core activities," Tata Steel said in a statement.
HKS Scrap Metals BV operates as a subsidiary of Corus Group Limited.
Based in 's-Gravendeel, the Netherlands, HKS Scrap Metals BV, has other locations in Amersfoort, Amsterdam, Eindhoven, Hengelo, and Zwartsluis and employs 180 people and over 1 million tonnes of ferrous and 100 thousand tonnes of non-ferrous scrap.
HKS is engaged in recycling of ferrous and non-ferrous scrap to create high grade raw materials for metal producers all over the world. Besides this HKS also acts as an intermediary between suppliers and customers.