Stemcor completes sale to Chinese Commodity Group Cedar Holdings
by David Fleschen
Stemcor Global Holdings Ltd, a privately held, leading global steel trading and distribution company, is pleased to announce completion of the acquisition of the entire share capital of the Group by Cedar Holdings Group Co Ltd, ("Cedar"), a leading privately-owned commodities business listed on the Fortune Global 500.
Today’s news follows the formal signing ceremony, in January this year, of a Sale and Purchase Agreement, between the parties at the World Economic Forum in Davos, Switzerland.
Stemcor will retain its name and autonomy, whilst continuing to provide the highest level of service to its customers and suppliers and generating consistently profitable performance across its worldwide trading network.
Natixis SA advised Stemcor’s shareholders on the transaction.
Source: Stemcor, Photo: Fotolia