Acciaierie Venete, a leading Italian steel producer, has committed to acquire several production sites in France from Ascometal France Holding. Ascometal France Holding, a subsidiary of the Swiss Steel Group, has entered into exclusive negotiations.
The planned transaction is fully in line with the strategic program "SSG 2025" and the realignment of the Swiss Steel Group for a resilient future. It includes the subsidiaries of Ascometal France Holding, with its plants in Hagondange (Moselle), Custines (Meurthe-et-Moselle) and Le Marais (Loire), as well as the activities and workforce of CREAS, Ascometal's research center.
Strong negotiating partners
Swiss Steel Group is pleased that Ascometal France Holding has found in Acciaierie Venete a reliable and experienced partner that offers industrial synergies and pursues an ambitious plan to strengthen the Ascometal plants in Hagondange, Custines and Le Marais. The proposed transaction is in line with Swiss Steel Group's commitment to sustainable practices and its strategic plan that supports its transformation into a robust and world-class provider of specialty long steel, leading the green transformation in Europe.
In addition, the planned transaction is in line with the Swiss Steel Group's strategic focus on its core business in order to further stabilize the group and make it profitable in the long term. The transaction will allow Swiss Steel Group to strategically direct its investments into areas that promise sustainable growth in line with its long-term vision and to strengthen other manufacturing assets such as France's Ugitech.
Acciaierie Venete has expressly committed to carrying out the proposed transaction, which will be submitted to the relevant Ascometal employee representatives. The transaction is subject to the fulfillment of a number of conditions precedent, including the approval of the relevant regulatory authorities. Subject to the fulfillment of these conditions, closing is expected in spring 2024.
