How one of the tiniest oil markets cost Trafigura over $1 billion
Last week, the company admitted it faces a loss in Mongolia of up to $1.1 billion, linked in part to suspected fraud by its own employees.
Metso Outotec announced that it is selling its aluminum business to France’s REEL International for an undisclosed amount.
In a press release, Metso said that the business to be divested comprises green anode plants, anode rod shops, and casthouses used in aluminum smelters as well as related equipment and services.
The Finnish company said that upon closing of the transaction in Q1-2021, it is expected that some 120 Metso Outotec employees will join REEL.
“It’s rare to find another business with such a complementary product portfolio in primary aluminum technology, and we’re excited to be joining REEL International,” Antti Koulumies, VP of Metso’s aluminum business line, said in the media brief. “I’m confident that this transaction will enable our team to continue supporting our customers’ businesses in an efficient way.”
