Wieland-Werke AG (Wieland Group), based in Ulm, Germany, has completed its acquisition of Schaumburg, Illinois-based Global Brass and Copper Holdings Inc. The companies signed a merger agreement April 10 that was subject to a number of closing conditions, all of which have been met, including approval by Global Brass and Copper stockholders and antitrust clearances.
Global Brass and Copper Holdings is a converter, fabricator, processor and distributor of specialized nonferrous products, including a wide range of sheet, strip, foil, rod, tube and fabricated metal component products. The company specializes in processing copper and copper alloys but also rerolls and forms other metals, such as stainless steel, carbon steel and aluminum. It uses scrap, virgin metals and other refined metals to melt, cast, roll, draw, extrude, weld and stamp to fabricate finished and semifinished alloy products. It operates under the Olin Brass, Chase Brass and A.J. Oster brand names in North America.
Upon closing, Global Brass and Copper became a wholly owned subsidiary of Wieland Group, a supplier of semifinished copper and copper alloy products, and each outstanding share of Global Brass and Copper common stock was converted into the right to receive $44. Therefore, Global Brass and Copper shares ceased trading on the New York Stock Exchange prior to market open July 16 and will be delisted.
The merger combines two highly complementary businesses with diverse product offerings across copper and copper alloy strip and sheet, rod, foil, wire, tube, fabricated components and engineered products. The combined company has a leading manufacturing, service and distribution network consisting of more than 90 facilities and about 9,000 employees, according to a news release from Wieland Group, serving a wide variety of industries in North America, Europe and Asia.
The Wieland Group says the combined companies have a shared focus on safety and operations, technology, R&D and innovative products, services and solutions will enable it to collaborate in unique ways with customers worldwide. The Wieland Group also will be better positioned to contribute to a number of megatrends, including eMobility, connectivity, sustainability and recycling.