Weser-Metall is looking to begin talks in July with potential buyers for the company.
The German lead producer, which began insolvency proceedings last month, will receive offers from interested buyers in June and will begin negotiations to sell the company in July, Dirk Schoene, who is overseeing Weser-Metall’s insolvency process as administrator, said in a statement.
Replying to queries from Davis Index, the company did not disclose the number of buyers interested or provide a timeline for the sale process.
Weser-Metall, along with four other German firms owned by France’s Recyclex, filed for insolvency in mid-May citing weak demand and falling base metals prices. Since then, Recyclex has ceded control over the companies, which now operate independently.
Weser-Metall, which produces lead for lead acid batteries, had shut down paused production until May because of the pandemic, but recently resumed activities. However, demand for the metal remains low, according to a statement given to the media by Koen Demesmaeker, chief executive officer of Weser-Metall. Demesmaeker added that demand currently stands at around half the usual volumes for this time of the year.
The lead producer has an annual output of around 105,000mt.