Germany-based Klöckner & Co has announced that its US-based subsidiary Kloeckner Metals Corporation has completed the acquisition of steel distributor and processor National Material of Mexico (NMM), a subsidiary of US-based National Material Limited Partnership, for $340 million.
The acquisition of NMM enables Kloeckner Metals Corporation to significantly increase its presence in Mexico, where key automotive and industrial customers are located, and to expand its product portfolio, enabling the company’s Mexican customers to purchase electrical steel directly. In addition, the company will be able to support the growing investment in renewable energy and the rising demand for e-mobility in North America.