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Industry: Email Alert RSS FeedNickel Refinery Acquisition Gives OM Group a Strong Boost.
Chemical Market Reporter, August, 2000 by LERNER, IVAN
THE ACQUISITION of the Harjavalta nickel refinery in Finland was a major boon to the second quarter earnings of the OM Group Inc. (OMG). For the quarter that ended June 30, the Cleveland-based company had net sales of $273.5 million, a 121 percent increase relative to the year-ago period. The Harjavalta acquisition provided roughly 84 percent of the revenue increase, according to First Analysis Securities Corporation (FASC).
The company also received substantial growth opportunities from a cobalt expansion at its Kokkola, Finland, facility. The nickel deal was a shot in the arm "on a revenue basis," says Robert Koort, director at Deutsche Bane Alex Brown. For roughly $185 million (debt financed), OMG acquired the 55,000-ton-per-year Harjavalta...
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