Commercial Metals Company, announced Friday the completion of the sale of its raw materials trading division, CMC Cometals, to Traxys North America L.L.C. and Traxys Europe S.A.. CMC Cometals markets, distributes and processes metal, ores, concentrates, industrial minerals, ferroalloys, chemicals and industrial products worldwide. Total consideration for the sale was approximately US $179 million, subject to adjustment.
Barbara Smith, President and Chief Operating Officer, commented, “The sale completes an important step in our strategic plan to reposition the business allowing the company to focus its capital and other resources on its core steel manufacturing operations in the United States and Poland.”
Traxys, headquartered in Luxembourg, is a physical commodity trader and merchant in the metals and natural resources sectors. Its logistics, marketing, distribution, supply chain management and trading activities are conducted by over 300 employees, in over 20 offices worldwide, and its annual turnover is in excess of $6 billion.