Germany-based Klöckner & Co. has announced that its US-based subsidiary Kloeckner Metals Corporation will acquire steel distributor and processor National Material of Mexico, a subsidiary of US-based National Material Limited Partnership for $340 million.
The acquisition will broaden Kloeckner Metals Corporation’s presence in Mexico where key automotive and industrial customers are located.
The additions to the product portfolio resulting from this acquisition will enable the company’s customers to purchase carbon and electrical steel, aluminum and stainless steel directly in Mexico in the future.
The acquisition is expected to be closed before summer 2023.