January 27, 2017 / 12:28 PM / 3 years ago

Hierros Anon buys Kloeckner & Co's Spanish unit

FRANKFURT (Reuters) - Steelmaker Hierros Anon SA has signed a deal to buy the Spanish activities of Kloeckner & Co (KCOGn.DE), which generated revenues of 120 million euros ($128 million) in the past fiscal year, accounting for about 2 percent of Kloeckner’s group sales.

Kloeckner said that the pre-tax profit (EBT) of Kloeckner Metals Iberica “was most recently negative due to the continued difficult economic environment in Spain”.

No purchase price was disclosed, but Kloeckner said it expected its net debt to come down significantly due to the cash inflow from the sale.

Reporting by Christoph Steitz; Editing by Maria Sheahan

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