Finland-based mining and metallurgical technologies provider Outotec has announced that it has successfully completed the acquisition of Australian-listed top submerged lance (TSL) smelting technology provider Ausmelt Ltd and now owns 100 percent of the company.
Outotec announced in December 2009 that it had acquired 19.9 percent of Ausmelt shares and launched an off-market takeover bid to acquire all the remaining shares. In the transaction Ausmelt was valued at approximately AU$50 million (€31 million).
"One of Outotec's strategic growth initiatives is acquisition of complementary technologies. Ausmelt has an excellent strategic fit with Outotec," said Pertti Korhonen, the president and CEO of Outotec, regarding the acquisition.