CLN buys Vertek, plans to convert business

CLN has officially purchased Vertek, part of the former Lucchini group located near Turin, and the last asset available for sale. It is set to change the direction Vertek’s business however, Kallanish understands from sources.

Vertek specialised in the production and supply of special steels bars and wire rods, but the CLN group’s strength lies in the supply of flat products for the automotive sector. The new owner is expected to convert the site to be used in its line of business. It has hence not acquired Vertek’s production lines but only the real estate complex, the industrial buildings and will also take on the entire workforce.

The administrators for the Lucchini group are expected to auction the Vertek production lines in the coming months, Kallanish understands.