Navigating carve-out complexities: Lindemann’s journey of renewal and growth

A global leader in metal recycling, Lindemann designs, develops and manufactures premium quality machinery for foundries, steel mills and customers in the scrap, metal processing and automotive industries. Founded in 1913, the company is headquartered in Düsseldorf, Germany and operates 20 international sites, including subsidiaries and sales partners. “Lindemann is the oldest metal recycling company in the world,” says Martin Hafer, CFO and Managing Director, Lindemann. “We offer a 360° solution, covering everything from machinery and repairs to field services and software updates. We have the biggest installed base globally with 1500 machines; our plan is to continue to grow and to double our revenue over the next five years.”

For over two decades, Lindemann was part of Finland-based Metso Outotec, until the company divested the business unit in 2022, as part of its restructuring. Though carve-outs present an opportunity for growth and value creation, they can be difficult to navigate due to financial complexities, and the challenge of untangling systems and legal structures from the parent company while maintaining business continuity.

The transition proved challenging for Lindemann, as the company lacked the resources required to set up its own financial infrastructure, including accounting and tax systems, across multiple jurisdictions. “The carve-out was complex, involving the merger of seven branches in Europe,” says Martin. “To become fully operational quickly, we needed robust transactional finance support.”

TMF Group’s long-standing relationship with Metso Outotec prompted the Lindemann management team to seek TMF Group’s assistance during the transition phase. TMF Group partnered with Lindemann in June 2022 and, after a brief onboarding period, began the process of helping Lindemann establish its new structure and identity. “TMF Group stepped in quickly and it took about three to six months to get our financial systems up and running,” says Martin.

TMF Group has played a pivotal role in Lindemann’s growth journey, providing the company with a range of administrative services across multiple jurisdictions, including the USA, Germany, Austria, France, Spain, Czech Republic, Sweden, the UAE, the UK and Brazil. “The TMF Group team helped us navigate complex tax compliance requirements, particularly in Brazil and the Czech Republic,” says Martin. “I was impressed with the team’s availability and response time – they were instrumental in helping us rapidly establish and expand our global operations, enabling us to focus on our goal of transforming the metal circular economy with sustainable solutions.”

As a leading manufacturer and pioneer in the circular reuse of metals, Lindemann is committed to sustainable practices. For more than a century, the company has been the international benchmark in the design and production of premium shredders, shears and presses used in the metal recycling industry. And it still is today.

In addition, Lindemann’s products are supported around the clock by a global service and solutions network that is dedicated to supporting long-term customer success. At any one time, 300,000 different original spare and wear parts are available from the company’s global parts. The company, with 15 branch offices worldwide and headquartered in Düsseldorf, Germany, also offers the whole metal recycling value chain up to separation, sorting and dedusting and thus qualifies for the "Fit for 55" climate package.

• Services provided by TMF Group: Accounting and tax, Global entity management, Payroll
• Jurisdictions covered: USA, Germany, Austria, France, Czech Republic, Sweden, UAE, UK and Brazil