Horsehead Acquires Mitsui Zinc Powders LLC
PITTSBURGH--(BUSINESS WIRE)-- Horsehead Holding Corp. (ZINC) (NASDAQ: ZINC), the parent company of Horsehead Corporation, INMETCO, and Zochem, Inc., announced today that its wholly-owned subsidiary, Horsehead Corporation, has acquired all of the outstanding membership interests in Mitsui Zinc Powders LLC (MZP), a leading manufacturer of zinc powders for the alkaline battery business. Horsehead has been a long-term supplier of SSHG zinc metal to this business which is co-located at the site of the companys Monaca zinc smelter. The company will be re-named Horsehead Zinc Powders LLC and its operations will continue at its current location for the near term.
We are pleased to have acquired the MZP business which advances our strategy of expanding our presence in higher value-added zinc markets, said Jim Hensler, Horseheads President & CEO. Hensler added, This acquisition will also help facilitate the transition of our Monaca operations in 2013 and opens the possibility of relocating this business to our Mooresboro, NC site to realize operating efficiencies at some point in the future. Horsehead Zinc Powders, LLC has 15 employees and sales for 2011 were approximately $25 million. Horsehead expects this acquisition to be accretive to cash flow in the first year.
Horsehead Holding Corp. (Horsehead) (Nasdaq: ZINC) is the parent company of Horsehead Corporation, a leading U.S. producer of specialty zinc and zinc-based products and a leading recycler of electric arc furnace dust; The International Metals Reclamation Company (INMETCO), a leading recycler of metals-bearing wastes and a leading processor of nickel-cadmium (NiCd) batteries in North America; and Zochem Inc., a zinc oxide producer located in Brampton, Ontario. Horsehead, headquartered in Pittsburgh, PA, employs approximately 1,150 people and currently has seven production and recycling facilities throughout the U.S. and Canada. Visit www.horsehead.net for more information.
Horsehead Holding Corp.
Ali Alavi, Senior Vice President, 724-773-2212
Source: Horsehead Holding Corp.Copyright Business Wire 2012