NEW YORK Horsehead
Holding Corp. has acquired Mitsui Zinc Powders LLC, and will
rename its new subsidiary Horsehead Zinc Powders LLC.
Horsehead is a longtime supplier
of special-high-grade (SHG) zinc metal to Mitsui, which
manufactures zinc powders for the alkaline battery business,
according to a statement from Horsehead.
Mitsui is located at
Horseheads Monaca, Pa., zinc smelter site. Horsehead said
operations will continue to operate at Monaca "for the near
term." Financial terms of the deal were not disclosed.
"This acquisition will also help
facilitate the transition of our Monaca operations in 2013 and
opens the possibility of relocating this business to our
Mooresboro, N.C., site to realize operating efficiencies at
some point in the future," said Horsehead president and chief
executive officer Jim Hensler.
Pittsburgh-based Horsehead is
set to close the Monaca smelter and migrate operations to a new
site in Mooresboro in the second half of 2013.
Hensler added that the Mitsui
acquisition "advances our strategy of expanding our presence in
higher-value-added zinc markets."
Mitsui sales for 2011 totaled approximately $25 million.
Horsehead expects the acquisition to be accretive to cash flow
in the first year, according to the statement.