Dordrecht, The Netherlands — Stainless steel recycling company Oryx Stainless Holding and minority shareholder PGI has entered into an agreement (SPA) concerning a purchase of 30 precent of the shares in their joint venture Oryx Stainless PGI Co., Ltd. at Bangkok/Thailand.
The two companies agreed, that Oryx Stainless will acquire all the shares held by PGI becoming the sole owner of Oryx Stainless PGI. The closing of the transaction is expected to take place by end of May. Apart from this transaction, Oryx Stainless and PGI will continue their trustful business relationships that built over the last decade.
Tobias Kämmer, CEO of Oryx Stainless Holding announced: “We have been successfully invested in Oryx Stainless PGI Co., Ltd. for the last years and have greatly enjoyed working with our partner PGI and the management team to develop the company under our joint stewardship. Since the formation Oryx Stainless PGI has been transformed from a start-up company into one of the market leaders in Asia. The business is now well-positioned to maximise its potential and to continue to pursue its growth strategy.”
Securing a market-leading position
Marthijn Smit, CEO of Oryx Stainless PGI, commented: “We’d like to thank PGI for their support. Oryx Stainless and PGI have actively accompanied the development of our business and played a key role in the success and growth of our company during this time. We look forward to building on this progress and securing a market-leading position under the 100 percent ownership of Oryx Stainless”
The acquisition is part of the implementation of Oryx Stainless’ international growth strategy and will increase its market share in one of the fastest growing markets for the recycling of stainless steel and its alloys.
Profit from high quality standard
„Together with the acquisition of Thai Metal Recycling in the fourth quarter of 2016, we took a significant growth step for our Asian business area. In the dynamic market environment of South East Asia, we are further strengthening our position to the benefit of our customers and suppliers, which will profit from the high quality standard of our products and processes as well as the strength of our balance sheet. The agreed transaction will provide a valuable foundation for the continued growth of Oryx Stainless“, Michael Pawlowski, chairman of the Oryx Stainless Group, said.
“The trustful partnership between PGI and Oryx Stainless was the basis for the great success of our joint venture. We would like to thank the local management of Oryx Stainless PGI for the excellent contribution and are looking forward to continue the excellent relationship with Oryx Stainless in other sectors”, Anshul Gupta, CEO of PGI Group said.
Oryx Stainless PGI is a leading stainless steel recycling company in South East Asia. The company started as a joint venture of Oryx Stainless Group, one of the leading worldwide stainless steel recycling groups headquartered in the Netherlands and the PGI Group, Dubai. With the transaction concluded, Oryx Stainless will be the sole owner of the company, which will be renamed into Oryx Stainless Thailand after the closing of the transaction.
Source: Oryx Stainless Group / Oryx Stainless Holding B.V.