DUISBURG (dpa-AFX) - Klöckner & Co SE (KCO), Friday said that following the prior announcement, it is selling its entire eastern European operations. In the first phase, activities which make up more than two-thirds of the operations were sold. The second phase involving Poland and Lithuania is expected to be completed in the first quarter of 2013.
In a statement the company said as part of the entire restructuring 60 sites will be closed or sold 1,800 jobs would be affected.
Klöckner further revealed that the sale is still partly subject to approval by the antitrust agencies, and the purchase price shall not be made public.
Klöckner's annual sales in the eastern European division with 14 sites and 255 employees, is approximately 100 million euros or roughly 1.4 percent of the Group sales.
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