Lafayette Mittelstand Capital acquires 100 per cent in PPM Pure Metals's Osterwieck from Recylex subsidiary
Lafayette Mittelstand Capital has acquired 100 per cent of PPM Pure Metal’s Osterwieck site, in a Carve-Out Transaction from an insolvent subsidiary of Recylex Group, the Euronext (Paris) listed European specialist recycling group of lead, zinc and other metals effective as of 1 August 2020.
The acquired company, re-named PPM Reinstmetalle Osterwieck, is a world leader in high purity arsenic and other minor metals for the global electronic, opto-electronic, photovoltaic and PET industries. PPM has its state-of-the-art production location in a newly build own facility in Osterwieck, Sachsen-Anhalt with approximately 30 FTE. It supplies global industry leading manufacturers across semiconductor, telecommunication, electronics industries across markets incl. EU, China, Japan, USA.
Based on its experience in carve-outs from insolvent parent companies Lafayette Mittelstand Capital has crafted a turnaround and growth plan jointly with PPM's management team, which aims to build on PPM's industry leading metallurgic processing know-how and to grow PPM further into electronics and chemicals related markets that value PPM's production and process know-how.
Dr Ulrich Kammer, the new co-CEO of PPM, says: "As an industry leader in the in the production of high purity minor metals and their compounds for the global electronic, opto-electronic, photovoltaic and PET industries the New PPM is well placed to harness the coming growth opportunities from the shift into electric cars and more embedded electronics across all aspects of life".
Co-CEO colleague Dr Jan Freerks Riecken, adds: "Having put the insolvency of our previous parent company behind us we are now free to pursue the growth strategies that allow PPM and the PPM team of specialists to expand its product scope into other adjacent industries and markets that value PPM's expertise."