Trasteel and Vanomet, two Switzerland based trading firms, acquired 100% ownership in Officine Tecnosider, or OTS, an Italian based producer of hot rolled heavy plates, the two companies said Monday.
Trasteel has been a minority shareholder in OTS with a 30% of stake since the beginning of the creation of the company and together with Vanomet acquired the remaining stake from the founders and previous owners in this transaction.
OTS is located in San Giorgio di Nogaro in the North-East of Italy and it has a production capacity of 370,000 mt/year of heavy plate that are used in a wide range of sectors, from general engineering to construction and shipbuilding.
OTS serves the domestic market as well as clients in central, western and eastern Europe as well as ships to North and South America. The company employs 110 workers.
“We are convinced that the new shareholders shall continue our successful business and that the flexibility and efficiency of our plant shall continue to give us a competitive advantage,” Ivo Conti, CEO and former shareholder of OTS commentated, who will stay at the helm of the company. “Despite a temporary shut down in the wake of Covid 19, OTS has restarted production recently and is planning to move back to near-full capacity utilisation in the second half of the year. In contrast to other mills, OTS can achieve a sound profitability even when operating at less than full capacity.”
“Having been shareholder of OTS for a long time we are now proud that together with our partner Vanomet we have taken full control of OTS and are looking forward to continue working with the OTS management,” said Gianfranco Imperato, CEO of Trasteel.
Ruedi Mathis, Vanomet Founder and Chief Executive, emphasized: “…OTS provides Vanomet with a complementary value creation opportunity and allows us to leverage our excellent relationships to slab suppliers with a state-of-the-art manufacturer of finished steel plates.”
The parties did not disclose details about the purchase price. The transaction is subject to approval by Italian authorities. Once they will have the green light, Trasteel will become the majority owner of the company while Vanomet the minority owner. The companies declined to give the percentage ownership details to S&P Global Platts when requested. PwC Switzerland and PwC Italy/PwC TLS Italy provided M&A and legal support, as well as financial due diligence and tax advice to the buyers.
— Annalisa Villa
