IRVING, Texas, Aug. 31, 2017 /PRNewswire/ -- Commercial Metals
Company (NYSE: CMC) (the "Company"), today announced
the completion of the sale of its raw materials trading division,
CMC Cometals, to Traxys North America L.L.C. and Traxys Europe
S.A.. CMC Cometals markets, distributes and processes metal,
ores, concentrates, industrial minerals, ferroalloys, chemicals and
industrial products worldwide. Total consideration for the sale was
approximately U.S. $179 million,
subject to adjustment.
Barbara Smith, President and
Chief Operating Officer, commented, "We are pleased to announce
that we have completed the sale of our CMC Cometals division to
Traxys. The sale completes an important step in our strategic
plan to reposition the business allowing the Company to focus its
capital and other resources on its core steel manufacturing
operations in the United States
and Poland. CMC Cometals has been
a part of the Company's business portfolio for many years, and we
thank all of our employees for their many years of service to the
Company."
Mark Kristoff, Chief Executive
Officer of Traxys Group, commented: "We are excited about this
transaction and have identified many opportunities to grow the
Cometals business as part of the Traxys Group. The Cometals team
has enjoyed a strong track record of supplier and customer service
that complements Traxys' activities and broadens our product
offerings."
About Commercial Metals Company
Commercial Metals Company and its subsidiaries manufacture,
recycle and market steel and metal products, related materials and
services through a network including steel minimills, steel
fabrication and processing plants, construction-related product
warehouses, metal recycling facilities and marketing and
distribution offices in the United
States and in strategic international markets.
About Traxys
Traxys, headquartered in Luxembourg, is a physical commodity trader and
merchant in the metals and natural resources sectors. Its
logistics, marketing, distribution, supply chain management and
trading activities are conducted by over 300 employees, in over 20
offices worldwide, and its annual turnover is in excess of
$6 billion. Traxys' focus is
primarily on the marketing and sourcing of base metals and
concentrates, minor and alloying metals, industrial minerals and
chemicals, and materials for steel mills and foundries, and the
management of all parts of the supply chain, from producer to
consumer, worldwide. Traxys is a privately held company. Its
principal shareholders are global alternative asset manager The
Carlyle Group (NASDAQ: CG), and Traxys Management.
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SOURCE Commercial Metals Company