LONDON ThyssenKrupp Metallurgical Products GmbH has acquired the metal trading business of BenMet as it eyes new business in cobalt and expansion in North and South America.
BenMet, founded by president Derek Benham and based in New York, is active in the North and South American markets, trading nickel, cobalt, cobalt oxide and other minor metals.
Its customers are mainly in the superalloys, alloying and foundry industries.
With the acquisition, ThyssenKrupp Metallurgical Products is significantly expanding its activities in North and South America and widening its product portfolio appreciably, the German trading house said.
The trading team at BenMet will operate under ThyssenKrupp ownership and will still be managed by Benham for the next few years.
The two companies agreed not to disclose the price of the acquisition. BenMets business activities will be combined with those of ThyssenKrupp Metallurgical Products as soon as possible.
This will strengthen our local customer and supplier structures, enabling us to develop market share for existing and new products in a targeted way and achieve further strategic growth, ThyssenKrupp Metallurgical Products managing director Kai-Norman Knötsch said.
BenMet is the agent for Jinchuan Group Co. Ltd.s cobalt sales in the United States and Europe.