Umicore divests stake in leading Peruvian zinc manufacturer

Belgian company Umicore has sold its 40% stake in Industrias Electroquímicas (IEQSA) to US Company Zochem.

Posted mardi, septembre 19 2023
Umicore divests stake in leading Peruvian zinc manufacturer

The transaction was announced on the Lima Stock Exchange, but the price of the deal was not disclosed.

IEQSA is a Peruvian company with more than 60 years of history, listed on the Lima Stock Exchange, and which operates an industrial plant for the transformation and production of zinc-based products, located in Callao, Peru.

Umicore) is a multinational circular materials technology group focused on the catalysis, energy, and surface and recycling technologies industries. The group is present in Belgium, Germany, Brazil, China, Japan, France, South Korea, India and Poland, among other countries.

Umicore entered the Peruvian market with its investment in IEQSA in 2003. This transaction completes its divestment in Peru, as well as of additional assets related to the zinc industry.

Zochem is a leading producer of zinc oxide in North America. This transaction represents a milestone in its history as its first investment in Peru and Latin America. 

With the investment in IEQSA, Zochem is seeking to expand the development and manufacture of zinc products for emerging green applications, including cost-effective, biocompatible and environmentally friendly emergency backup batteries and energy storage. 

Peruvian law firm Rebaza, Alcazar & De Las Casas advised Umicore on the sale, with a team led by partner Luis Miguel Elías, senior associate Pablo León and associates María José García, Patricio Bouroncle and Camila Briceño.

Zochem’s legal counsels were law firm Rosselló Abogados, with a team led by partner Carolina Castro, and, in the US, Foley & Lardner, with a team led by partner Greg Meeks and associate Talita Duarte.

IEQSA’s legal counsel in Peru was law firm Rodrigo, Elías & Medrano, with a team led by partner Eduardo López, with associate Jacques D’auriol.