The formal signing ceremony announcing the transaction took place at 7.30pm (CET) at the World Economic Forum in Davos, Switzerland.
The transaction is subject to various completion conditions and approvals, which Stemcor and Cedar will jointly work on to achieve during the first half of 2020.
Stemcor will continue to focus on delivering the highest level of service to its customers and suppliers, whilst generating consistently profitable performance across its worldwide trading network.
Steve Graf, CEO of the Stemcor Group, commented:
“Transitioning from a supportive but diverse shareholder group to a long-term strategic shareholder is the natural next step for Stemcor. This transaction will build on our recent successes and is a culmination of years of extraordinary work by our outstanding employees worldwide.”
“We are excited that Cedar is taking this step with us and believe that the combination of their scale and resources with our global network of customers, suppliers and relationships will provide benefits for all.”
Gang Han, Vice President of Cedar Holdings Group, President of Cedar Commodities Supply Chain Group, commented:
“Cedar Holdings is dedicated to building a world-leading commodities group. Stemcor has a well-established global sales network, which will offer potential synergies with the existing domestic and international business of Cedar Holdings. At the same time, supported by Cedar Holdings, Stemcor will be able to develop new business opportunities. The transaction is a win-win result where complementary benefits will emerge.”