Italian stainless long steel producer Cogne Acciai Speciali, a subsidiary of Taiwanese stainless steelmaker Walsin Lihwa, has completed the acquisition of Sheffield-headquartered Special Melted Products (SMP) from Germany’s Mutares SE & Co. KgaA, Kallanish learns from Cogne.
Cogne’s shareholders implemented a €200 million ($214m) capital increase earlier this month in view of the merger. “With this acquisition, we take a significant step forwards in our growth path, which thanks to Special Melted Products is enriched by a top-notch equipment and product mix, complementary to ours,” says Cogne Acciai Speciali chief executive Massimiliano Burelli.
Last month, Taiwan’s Fair Trade Commission gave the go ahead for Walsin Lihwa’s acquisition of SMP. The commission said the two companies produce stainless steel billet and bar, but SMP has no record of sales to Taiwan and no future plans for the market. Therefore, the deal was approved because it would not restrict competition for the product in the Taiwan market.
Walsin is investing over €110m in Cogne’s Aosta plant between 2022-2024. The growth strategy involves gaining market share in Europe and Asia, and developing the group’s presence in the US.
Natalia Capra France