LMT Group, a group of independent industry companies employing more than 350 people, announces today that it is changing its name to Pronect. With the name change, Pronect is leveling up its ambition to push industry forward and create whole new opportunities for its subsidiaries, customers, and employees.
Elcowire acquires KME’s Rod and Wire Business
Elcowire has entered into an agreement to acquire KME’s Rod and Wire assets and business located in Hettstedt, Germany with 180 employees. For Elcowire this means a doubling the capacity to 300’000MT for Copper Rod and adding a large share of the market with a wide range of capabilities for Wire & Strands solutions.
Acquiring the Rod and Wire business from KME will strengthen Elcowire and give access to a larger customer base and product portfolio, as well as expanding the geographical coverage. The combined capabilities will enable Elcowire to meet the increased demand for refined copper needed for the transformation to sustainable energy and electrification.
“The acquisition has a perfect strategic fit and will add capacity and capability for a wider product range as well as being able to serve a larger market with our solutions, which substantially will contribute to lower the CO2 footprint,” says Paul Gustavsson, CEO Elcowire Group.
Together with the acquisition and the current operations in Sweden and Germany, Elcowire will be a much stronger player in the Rod and Wire business and be able to build further on its value-added offering in Elcowire’s other Business Units; High Voltage, Rail and Specials. The closing of the transaction is subject to regulatory approval.
Elcowire also announces the divestment of its Chinese subsidiary, located in Taicang, China, to a local investor acting in the commutator industry. The closing of the divestment took place in October 2021. The Chinese operation was concentrated on Commutator profiles only and had no synergies with the rest of Elcowire.
For more information contact:
Paul Gustavsson / CEO Elcowire Group, +46(0)72-555 29 00 firstname.lastname@example.org
Elcowire is one of the leading suppliers in Europe, developing products and services based on copper and aluminium wire rod for the electrical and infrastructure industry. Operations are located in Sweden and Germany. Elcowire consists of four business units: Rod, Rail, High Voltage and Specials. Elcowire employ 200 people. https://elcowire.com
KME Group is one of the world’s largest manufacturers of copper and copper alloy products and high-performance copper and copper alloy special products. KME produces around 360 thousand tons of products annually, such sheets, strip, wire, bars, pipes and special products. KME has around 3.800 employees, production site in Germany, France, Italy, China and USA and a worldwide sales network.
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