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OM Group Inc Announces Sale Of Cobalt Refinery Assets In Kokkola To Joint Venture To Be Held By Freeport-McMoRan Copper & Gold Inc., Lundin Mining Corp And La Generale des Carrieres et des Mines


Monday, 21 Jan 2013 06:00pm EST 

OM Group Inc announced a major step in its strategic evolution with the signing of definitive agreements to exit its Advanced Materials business. The transactions include the sale of the downstream portion of the business, including its cobalt refinery assets in Kokkola, Finland, to a joint venture to be held by Freeport-McMoRan Copper & Gold Inc., Lundin Mining Corporation and La Generale des Carrieres et des Mines (Gecamines), for total potential consideration of up to $435 million, comprised of initial cash consideration of $325 million and potential future payments of up to an additional $110 million based on the business achieving certain revenue targets over a period of three years. The sale is expected to close before the end of April 2013, subject to customary closing conditions and regulatory approvals. OM Group also announced that its Board of Directors has authorized the repurchase of up to $50 million of its common shares. 

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