Italian longs producer Acciaierie Venete has agreed to acquire three facilities in France from special steel producer Ascometal, part of Swiss Steel, the companies reveal.
The Italian steelmakers started negotiations to buy the plants of Hagondange in the department of Moselle, Custines in Meurthe-et-Moselle, Le Marais in the Loire region, and the Ascometal research centre Creas. The move is in line with Acciaierie Venete’s ambition to boost its presence in Europe.
“The French project will allow Acciaierie Venete to consolidate its position and increase its production capacity outside Italy. The move will give the sites a stable future with the support of a shareholder with a sound balance sheet and strong industrial experience. The group, with an ambitious investment plan for the acquired facilities, will allow several synergies, particularly in the field of purchases,” the steelmaker says in a note obtained by Kallanish.
The firm will submit its growth plan to the unions and other stakeholders in the coming months, Kallanish understands. The completion of the merger is expected in the spring of 2024.
“Swiss Steel Group is pleased that Ascometal France Holding has found a reliable and experienced partner in Acciaierie Venete, with industrial synergies, boasting an ambitious plan to strengthen the Asco-metal plants of Hagondange, Custines and Le Marais,” Swiss Steel says. It adds that the divestment is in line with its strategy to focus on core business activities.
“The transaction would allow Swiss Steel Group to strategically channel its investments into areas that promise sustained growth in alignment with its long-term vision and strengthening other production assets such as the French Ugitech,” the company adds.
The remaining two Ascometal plants, Les Dunes in Dunkirk and Fos-sur-Mer, are not included in the merger.
Ascometal produces blooms and billets as well as cold and hot rolled bars and wire rod. Acciaierie Venete produces merchant bar, round bars, billets across three production facilities in Padua, Sarezzo and Borgo Valsugana. it is expanding its product portfolio at its plant in Sarezzo where it will start manufacturing wire rod.
Natalia Capra France
