Mexican ferroalloys and manganese producer Minera Autlan said on Monday it has acquired a Spanish manganese producer for EUR 26.3 million ($28.7 million).
Minera Autlan acquired Spanish electrolytic manganese dioxide (EMD) producer Cegasa Portable Energy as well as a 50 percent stake Cegasa has in Energia Portatil Cogeneracion. The latter is owned by Spanish energy company Iberdrola and supplies electricity to Cegasa.
Minera Autlan said the acquisition is in line with the company’s growth strategy for its manganese division, and it also extends Minera Autlan’s reach to Europe.
Minera Autlan used cash and undisclosed loans from European banks to fund the acquisition. In 2019, Cegasa reported EUR 17.7 million ($19.3 million) in revenues.
USD = EUR 0.92 (February 10)