The Italian Cogne Acciai Speciali has acquired the Mannesmann Stainless Tubes Group (MST), a subsidiary of Salzgitter AG, for a price of 135 million euros, as Salzgitter announced. The transaction is still subject to approval from the authorities. The sales amount of 135 million euros corresponds to the net book value.
“We practice active portfolio management with strategic acquisitions and growth steps as well as sales of companies that do not belong to our defined development areas. This approach is an integral part of our group strategy “Salzgitter AG 2030”. Cogne offers MST and its employees further entrepreneurial opportunities in the new network and is a renowned industrial partner,” says Burkhard Becker, CFO of Salzgitter AG.
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Cogne Acciai Speciali, an international company with production facilities on three continents and sales offices worldwide, is active in the processing of specialized steels and alloys for various industries. The company processes austenite, martensite, ferrite, duplex and superduplex materials through to nickel-based alloys for the automotive industry, the energy industry, especially the oil and gas industry, medical technology, the food industry, chemical and plant engineering as well as general mechanical engineering.
The Mannesmann Stainless Tubes Group is a manufacturer of seamless stainless steel and nickel-based tubes. The products are primarily used in power generation, chemical and petrochemical industries, industries where specialized materials such as stainless steel are preferred due to their corrosion and heat resistance. As a stainless steel pipe manufacturer, MST is not integrated into the supply of raw materials from the Salzgitter Group.
Salzgitter AG positions itself as a leading German steel and technology group that focuses on sustainable innovation and the transformation of its products and processes with the aim of a circular economy. Around 25,000 employees work for the group worldwide. With initiatives such as SALCOS® - Salzgitter Low CO2 Steelmaking, Salzgitter AG wants to make steel production more sustainable.
