Globe Specialty Metals snaps up ferrosilicon producer Core Metals for US$52m

Globe Specialty Metals snaps up ferrosilicon producer Core Metals for US$52m

Globe Specialty Metals (NASDAQ:GSM) announced a bolt-on acquisition in the form of Core Metals Group, a producer of high purity ferrosilicon and other steel ingredients, for US$52 million. Globe is acquiring Coraopolis, Pennsylvania based Core Metals from Ospraie Funds.

"This accretive transaction is another step in our aggressive growth and synergistic product diversification strategy", Globe Chief Executive Jeff Bradley stated. "It strengthens our growing ferrosilicon business and expands the line of products and services we offer to the market”.

Globe also noted that, through the acquisition, it will inherit a well entrenched marketing organization which it expects will further expand its products and sales around the world.

"We are delighted about being a part of such a solid, consistently profitable and growing international American-based manufacturing company. The value that the combination of our companies brings to the market is very exciting", Core Metals Larry Byrnes said.

From its headquarters in Coraopolis, near Pittsburgh PA, Core Metals produces and markets ferroalloys and specialty materials for the North American steel and foundry industry. The company’s alloys division is comprised of four separate but related businesses - based in Alabama, Indiana, Canada and Mexico.

Currently, Globe is among the largest producers of silicon metal and silicon-based specialty alloys in the world, the company’s products are critical ingredients in a number of industrial and consumer products. The company’s customers include major silicone chemical, aluminium and steel manufacturers, auto companies and concrete producers, as well as technology manufacturers in the production of electrical goods such as photovoltaic solar cells and computer chips.

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