ROCHESTER, N.Y. (WROC) — Li-Cycle has been acquired by Glencore Plc., the company announced Friday afternoon.

Described as one of the "world's largest globally diversified natural resource companies," Glencore says the acquisition of Li-Cycle will bring value and service to their joint customers.

Li-Cycle, the lithium-ion battery recycler, announced last May it was seeking buyers of its business and assets amid financial difficulties. That came years after they put construction of its Rochester Hub on hold. At the time, they were able to secure a loan from Glencore, but no new plans were announced.

Glencore is expected to provide updates at a future time.

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