This morning in metals news, we’ve seen a major U.S. auto supplier snap up a European counterpart just before the weekend, the EPA Clean Power Plan’s swan song stalled a bit, and more.
Lear Corp. and Grupo Antolin Marriage Consummated
Lear Corporation, one of the world’s leading suppliers of automotive seating systems and electrical distribution systems, went final on its acquisition of Grupo Antolin’s automotive seating business just last Friday.
According to a press release, Grupo Antolin has a large footprint with Europe’s largest carmakers, including Daimler, Peugeot Citroen, Renault Nissan and Volkswagen, and the acquisition will help Lear double down on its core business. “The transaction is valued at €286 million on a cash and debt free basis and is forecasted to be accretive to 2017 earnings per share,” according to the release.
Incidentally, Lear Corp. is not only one of the biggest auto suppliers, but one of the most resilient — the company is celebrating its 100th anniversary this year.
EPA Clean Power Plan Court Battle on Pause?
A federal court’s recent ruling has given environmentalists a bit of a reprieve to look over their options, as the impending court battle to get rid of the Obama administration’s chief piece of environmental regulation takes a break (paywall).
President Trump used an executive order in late March to dismantle the Obama administration’s climate change agenda, according to Environmental Protection Agency Administrator Scott Pruitt. As MetalMiner reported at the time, the action will order several other federal agencies to undo the Obama administration’s climate change work: It will tell the Interior Department to end a moratorium on new coal leasing on federal land, the official said, and the Obama administration’s assault on methane emissions — outlined in early 2014 and overseen by Interior and EPA — will be ended, too.
EPA’s CPP, as it came to be known, could have had far-ranging consequences on U.S. manufacturing, especially on heavier emitters such as the steel industry, if enacted to its fullest.
China’s Copper Appetite Shifting from Refined Metal to…?
Reuters’ Andy Home examines how the 28 percent year-on-year drop in China’s imports of refined copper in Q1 2017 don’t tell the whole story of that country’s love affair with the red metal. In fact, China has shifted its focus to copper scrap, among other things. Read Home’s full analysis here.
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