Outokumpu divests surplus land in Sheffield, UK
May 2, 2017at 5.30 pm EET
Outokumpu has sold 48 acres of surplus land in Sheffield, UK to a UK-based developer Peel Logistics Property. Outokumpu’s operations in Sheffield remain unchanged.
Martin Pinder, Vice President, Human Resources of Outokumpu in UK commented: “We are glad that we found a buyer for the redevelopment of this cleared and unused site located in the distribution and industrial area close to Sheffield city centre, creating business and employment opportunities in the Sheffield area.”
The cash consideration is approximately 10 million euro, and the transaction reduces Outokumpu’s net debt by the approximately same amount. Outokumpu does not consider the financial impact of the transaction to be material, and reports it as an adjustment in its second-quarter 2017 results.
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Outokumpu is a global leader in stainless steel. We create advanced materials that are efficient, long lasting and recyclable – thus building a world that lasts forever. Stainless steel, invented a century ago, is an ideal material to create lasting solutions in demanding applications from cutlery to bridges, energy and medical equipment: it is 100% recyclable, corrosion-resistant, maintenance-free, durable and hygienic. Outokumpu employs some 10,000 professionals in more than 30 countries, with headquarters in Helsinki, Finland and shares listed in Nasdaq Helsinki. www.outokumpu.com outokumpu.com/stainless-news choosestainless.outokumpu.com