The
Marcegaglia group closes the acquisition of 100% of the long stainless steel
products division of Outokumpu for 228 million euros and realizes «the largest
acquisition made so far in our history – explain Antonio and Emma Marcegaglia,
president and vice president of the group family’s -. It is an operation that
allows us to achieve important industrial synergies and to continue along the
path of developing increasingly sustainable and competitive products». The
Finnish multinational is in fact the world leader in the
production of stainless steel and is among the recognized champions of
sustainability.
The object of the purchase are 5 plants distributed between
Europe and the United
States which closed 2022 with a total turnover of almost 1
billion and 300 million euros and have around 650 employees. These include an
electric furnace steel mill for special steels in Sheffield in the UK, where
the wire rod rolling plant and the bar production plant are located. And then
the bar production plant in Richburg, USA and the hot rod rolling plant and the
drawn wire production plant in Fagersta, Sweden.
In the transaction, the company was assisted as financial
advisor by Intesa Sanpaolo, for financial DD, fiscal DD and business advisory
activities by PwC and, as legal advisor, by Studio Cappelli RCCD. The
acquisition agreement, announced last summer (see the preview in ilSole24Ore of
last July 14), was awaiting the go-ahead from the competition authorities which
arrived in mid-December, both from the European Commission and of the United States Competition
Authority.
See also E-Commerce
Quasar, the sales platform attached to the academy
Meanwhile, the names of the companies that will become part of
the new geography of the Marcegaglia group have already been defined:
Marcegaglia Stainless Sheffield Limited (controlled by Marcegaglia Steel),
Marcegaglia Stainless Richburg LLC (controlled by Marcegaglia USA INC) and
Fagersta Stainless AB (controlled by Marcegaglia Specialties). The prospects,
also in the light of the very positive results of 2022, are of continuous
growth and strengthening on international markets. As Antonio and Emma Marcegaglia
explain «with this acquisition we further strengthen our business in the
flat market and strengthen our stainless steel portfolio with long products, a
market in which they had a small presence and in which instead now, in Europe,
we become a significant player. And then, we close a circle, crowning the dream
of our father Steno who aspired to invest in the primary production of steel».