Aurubis AG has moved a step closer toward selling its flat-rolled products business, which includes a North Buffalo plant.
Aurubis and Wieland-Werke AG, both of which are based in Germany, said Tuesday they have signed a sales contract, but would not to disclose the purchase price.
“We are extremely pleased that, with the signing of the sales contract, we were able to achieve a significant milestone towards completion of the transaction," said Jurgen Schachler, Aurubis' executive board chairman.
The deal still needs the approval of German antitrust authorities. But the Aurubis executive board member responsible for the flat-rolled products segment has announced he will leave the company on July 31.
Aurubis Buffalo's brass and copper products plant on Military Road has about 650 hourly and salaried employees. It opened in 1907 and has operated under different names and owners over the decades, including for many years as American Brass. Aurubis acquired the plant in 2011 as part of a broader deal.
The contract was signed March 29. Aurubis and Wieland-Werke revealed in February they were in "advanced talks" toward a deal and had signed a term sheet covering elements of a possible sale.