Insimbi acquires Group Wreck for R120m

28th August 2018 By: Marleny Arnoldi - Deputy Editor Online

JSE-listed Insimbi Industrial Holdings is acquiring scrap metal recycler Group Wreck International for R120-million.

“Insimbi needs to grow by acquiring businesses that complement the existing Insimbi businesses and are accretive to earnings,” said Insimbi CEO Fred Botha.

He added that the acquisition allows for efficiencies and synergies between the two companies, including geopgraphic expansion, raw material access for beneficiation and cost savings.

Group Wreck is involved in the sourcing, trading and purchasing of scrap nonferrous metals in KwaZulu-Natal.