Korea Zinc now owns 100% of Igneo Holdings after purchasing a majority stake in July.
The global metals manufacturer acquired the remaining shares of Igneo Holdings, parent company of Igneo France, Igneo Technologies and evTerra Recycling, via its wholly owned subsidiary Pedalpoint, according to a statement from Igneo CEO and President Danish Mir.
“This acquisition will accelerate the growth of Igneo, both organically and through M&A activity,” the statement said. “We are very excited to embark on this journey under the guidance of Korea Zinc.”
On July 11, Korea Zinc paid $332 million for a majority stake in Igneo. Morgan Stanley in November noted that Korea Zinc bought the remaining 24.5% of Igneo Holdings for $110 million. Igneo operates an e-scrap metals recovery facility in France and is building an $85 million facility in Georgia. Igneo also owns evTerra Recycling, which has been expanding operations in the U.S. in recent months, looking to secure a steady material stream to supply the new copper and precious metals recovery plant.
Korea Zinc is a publicly traded company based in Seoul, Republic of Korea. The metals conglomerate has been making other moves into the e-scrap world recently.
South Korea’s top chemical producer LG Chem signed a memorandum of understanding with Korea Zinc to create a stable supply of electric vehicle battery components. It included a stock swap between the two companies, worth a total of $190.5 million. LG Chem will acquire a 0.47% stake in Korea Zinc, and Korea Zinc will buy a 1.97% stake in LG Chem.
Commodities trader Trafigura is also in “advanced talks” with Korea Zinc to form a joint venture to build a nickel smelter, which would provide recycled material for electric vehicle batteries and also have a nickel sulphate refining project. The deal would include a $280 million stake in Korea Zinc.
