Aurubis Sells Buffalo Site, Price Undisclosed
German copper producer Aurubis has sold its Buffalo, New York, site to an undisclosed buyer.
The sale includes the company's copper rod and flat rolled products mill, as well as its recycling operations.
The sale price was not disclosed, but Aurubis said it expects to book a gain of around €100 million ($108 million) from the transaction.
The Buffalo site has been a part of Aurubis since 2008, when the company acquired it as part of its purchase of the former Revere Copper Products.
Aurubis said the sale is part of its strategy to focus on its core copper smelting and refining business.
The company has been divesting non-core assets in recent years, including its zinc and lead smelters in Europe.
The sale of the Buffalo site is expected to close in the second quarter of 2023.
Aurubis has not disclosed the name of the buyer, but said it is a "strategic partner" with experience in the copper industry.
The sale is expected to have a minor impact on Aurubis' financial results.
In 2022, the Buffalo site generated sales of around €200 million ($216 million) and EBITDA of around €20 million ($21.6 million).
Aurubis said it will continue to serve its customers in the United States through its other operations, including its copper rod mill in Richmond, Virginia.
The sale of the Buffalo site is a significant step in Aurubis' transformation into a more focused and efficient company.
The company is well-positioned to continue to grow in the years to come.
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