Louis Dreyfus Company (LDC) has announced the completion of the sale of its global Metals business (LDC Metals) to NCCL Natural Resources Investment Fund.
The fund is managed by New China Capital Legend as general partner, with two limited partners of AXAM Asset Management and China Molybdenum Co., Ltd.
The transaction, which was announced in December 2017, has now been successfully completed following satisfaction of customary conditions including regulatory approvals, with a final purchase price of approximately $466m.
Louis Dreyfus Company chief executive officer Gonzalo Ramírez Martiarena said: “We are confident that the Metals business will continue to thrive and grow with the existing management team, under new ownership.
“I would like to thank all LDC Metals employees for their commitment over the years of strong organic growth that helped establish the business in the leading position it enjoys today, and wish them every success for the future.”
LDC Metals chief executive officer Paul Akroyd said: “I would like to thank LDC’s Chairperson and the management and employees who have supported our business from its inception to the completion of this transaction. We have benefited greatly from the pool of talent, the strong reputation and the merchandizing culture of LDC, which were key to our success.
“We look forward to building upon these strengths in our next phase of growth with our new owners who have ambitious plans for our business. A very important step in this transition will be the announcement of our new name in the very near future.”
The conclusion of this transaction is another key milestone in LDC’s previously announced strategy to refocus its portfolio and resource allocation on its core business.
Ramírez Martiarena said: “Moving forward, we will continue to concentrate on driving growth and innovation across the supply chains of our remaining agri-businesses, leveraging our strong relationships with farmers and customer-centric approach.”
Source: Company Press Release