Louis Dreyfus Company said on Friday it had completed the sale of its metals business to a Chinese investment fund for $466 million, as part of a push to revive profits by focusing on its core agricultural markets.
Louis Dreyfus announced in December an agreement to sell LDC Metals to NCCL Natural Resources Investment Fund, without disclosing financial details. The metals business is one of the largest copper, zinc and lead concentrates merchants worldwide, according to Louis Dreyfus, and has been one of the group's most profitable activities in recent years.
A new name for the business would be announced soon, Paul Akroyd, chief executive of LDC Metals, said in a statement issued by Louis Dreyfus. The divestment of LDC Metals attracted interest from several potential buyers including mining giant Anglo American, sources said last year.