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Germany’s Kloeckner Sells US Sites to Bolster Profitability

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German metals company Kloeckner & Co. agreed to sell eight distribution facilities in the US as it seeks to shed volatile low-margin businesses.

Seven of the sites, which are located in Texas, North Carolina, Iowa and Georgia, will be purchased by Russel Metals for about $119 million and result in a book gain of more than €20 million ($23 million) for Kloeckner, the Duisburg-based company said Sunday in a statementBloomberg Terminal. Combined, the sites contributed about $9 million a year on average to earnings in the past two years.

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