OM Group Inc. (OMG) has reached an agreement to acquire Outokumpu Oy's nickel refinery located in Harjavalta, Finland. Revenues generated from the refinery were $330 million in 1999, and operating results are expected to be accretive in the first year. The approximately $185 million transaction price will be debt financed.

"This acquisition will significantly enhance our current technologies of refining and processing value-added specialty metal products by adding nickel to our strong cobalt business," says Jim Mooney, chairman and chief executive officer for OMG. "We will be in a unique position to serve specialty cobalt and nickel users in high growth and high tech applications with value added products-specifically for the catalysts, plating, electronic, rechargeable batteries, fuel cells, glass, chemical, super alloy, stainless steel and the ceramics industries."

The refinery's capacity is in excess of 55,000 tons per year.