Outokumpu sells electricity distribution network at Tornio site to OFI InfraVia
STOCK EXCHANGE RELEASE
November 26, 2013 at 11.30 am EET
Outokumpu sells the electricity distribution network at the Tornio site in Finland to InfraVia European Fund II (“InfraVia II”), an investment fund managed by OFI InfraVia, an independent investment company based in France and specialized in the infrastructure sector. With the transaction, five Outokumpu employees will transfer to a new industrial electricity distribution company established by InfraVia II that will continue to operate the network at the Tornio site.
The transaction is part of Outokumpu’s efforts to strengthen the company’s financial position and liquidity. Outokumpu expects to close the transaction in the coming weeks. The cash consideration of the transaction is agreed to be around EUR 63 million. The transaction is recognized as a sale and leaseback resulting in a finance lease, and its impact on Outokumpu’s result is not material.
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 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