Umicore, Brussels, Belgium said that it has reached an agreement to acquire the heavy duty diesel and stationary catalyst businesses of Haldor Topsoe for an enterprise value of DKK 900 million (approx. €120 million/US$134 million) plus an earn-out.
Haldor Topsoe, Ravnholm, Denmark, is a producer of catalysts for a variety of industries. Its automotive catalysts are used in emission systems for on-road and non-road heavy-duty diesel applications and ensure compliance with emission norms, including Euro 6. Its stationary business offers catalytic solutions to treat NOx emissions from industrial sources such as gas-fired power plants as well as marine applications.
The businesses currently employ some 280 people, serve customers from production plants in Frederikssund, Denmark, Houston, Texas, Tianjin, China and Joinville, Brazil. The company has R&D facilities in Lyngby, Denmark.
Through this acquisition Umicore said it will gain access to an extended customer base, particularly in Europe and China, a broader product portfolio for heavy-duty diesel applications, as well as additional IP and technology in the field of emission control catalysis. It also provides Umicore with an entry into the stationary emission control segment.
Umicore is a global materials technology and recycling group, with about 10,000 employees and a turnover of €11.1 billion in 2016. Umicore generates the majority of its revenues and dedicates most of its R&D efforts to clean technologies, such as emission control catalysts, materials for rechargeable batteries and recycling.
The transaction is subject to customary closing conditions, including regulatory filings, and is expected to be finalized around year-end.