Toyota Tsusho Corporation, the
trading unit of the Japanese car producer Toyota Group, has announced that it has agreed to acquire 39.9 percent of shares in
Germany-based
scrap recycler Scholz AG.
According to Toyoota Tsusho, the deal is expected to be closed within the second quarter of 2014 after final negotiations of definitive agreements with the existing lenders of Scholz Group for continued support and after merger control clearances in relevant jurisdictions.
The Japanese trader targets a "global expansion of the recycling business", stating that the investment in Scholz Group gives the company access to the technology and know-how of Europe, which is another forefront region in the recycling business.