|By PR Newswire||
|March 11, 2014 07:30 AM EDT||
NEW YORK, March 11, 2014 /PRNewswire/ -- MFC Industrial Ltd. ("MFC" or the "Company") (NYSE: MIL) announced that it acquired 100% interest in the F.J. Elsner & Co. GmbH ("Elsner"), a global commodity company focused on steel and related products which was founded in 1864 with its head office based in Vienna Austria.
Elsner's offerings include a full range of steel products including slabs, booms, billets, hot rolled steel plates, hot and cold rolled coils and sheets, reinforcing bars, galvanized material, pipes, tubers and merchant bars. Elsner has longstanding relationships with many steel mills in Eastern and Southern Europe as well as the Baltic States and the CIS. Revenue for the fiscal year ended June 30, 2013 was US$160 million. They have significant diversification with their products, customers and suppliers.
The purchase price is for nominal consideration and certain contingent payments.
The following table highlights certain opportunities relating to the acquisition of Elsner:
- MFC will offer its supply chain structured solutions to Elsner customers and suppliers.
- MFC will be able to market steel related raw materials to our suppliers and industry contacts.
- MFC's supply chain structured solutions will reduce risks and expand the customer base.
- MFC may enter into exchange transactions for the supply of raw materials for products with customers.
Michael Smith, Chairman of MFC, commented: "We are very pleased to announce the acquisition of Elsner, a company now approaching its 150th anniversary. Elsner provides MFC with a solid customer base, an excellent product portfolio and an extremely well-respected management team which will enhance our global supply chain platform.
We welcome all of Elsner's customers, suppliers and employees to the MFC family and look forward to our future together."
About MFC Industrial Ltd.
MFC is a global commodity supply chain company and is active in a broad spectrum of activities, including its integrated commodities operations, mineral and hydrocarbon interests, which focus on metals, energy, chemicals, plastics and wood products. MFC also provides logistics, financial and risk management services to producers and consumers of commodities. Our global business activities are supported by our captive commodities sources through strategic direct or indirect investments and other commodities sources secured by us from third parties.
To obtain further information on the Company, please visit our website at: http://www.mfcindustrial.com.
Disclaimer for Forward-Looking Information
The preceding includes forward looking statements, including statements regarding the Company's ability to the impact of the acquisition of Elsner on its business and operations and its ability to integrate the business and operations of Elsner, which involve known and unknown risks and uncertainties which may not prove to be accurate. Forward-looking statements are not based on historical fact and involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, revenues, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause the Company's actual results, revenues, performance or achievements to differ materially from expectations include, among other things: the acquired business may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected, general business and economic conditions globally, commodities price volatility, industry trends, competition and other factors beyond the Company's control. Such forward-looking statements should therefore be construed in light of such factors. Other than in accordance with its legal or regulatory obligations, the Company is not under any obligation and the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additional information about these and other assumptions, risks and uncertainties are set out in the Company's Management's Discussion and Analysis for the nine months ended September 30, 2013, filed with the Canadian securities regulators and on the Form 6-K with the United States Securities and Exchange Commission, and its Annual Report on Form 20-F for the year ended December 31, 2012.
SOURCE MFC Industrial Ltd.
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