SCHMOLZ + BICKENBACH takes over parts of Asco Industries
The takeover strengthens SCHMOLZ + BICKENBACH Group's business in the quality and engineering steel segment and further strengthens its position as one of the leading companies for high-quality specialty long-steel products in Europe. The acquisition follows the strategy of actively participating in the consolidation of the European specialty steel industry. Between the locations and facilities of Asco Industries and the plants of SCHMOLZ + BICKENBACH Group, there are excellent possibilities for integrating and supplementing the product range and also within the production network. The sustainable industrial concept will lead to an improved utilization of the plants and thus to a more efficient production strategy and cost advantages.
Asco Industries had around 1,400 employees at year-end 2017 and generated sales of approximately EUR 373 million in 2016. The French group has excellent products and a strong customer base. SCHMOLZ + BICKENBACH had 8,900 employees and generated a turnover of EUR 2.3 billion in 2016.
The transaction includes the acquisition of the most important locations of Asco Industries. At these locations, the majority of jobs are secured. At the same time, new jobs will be created as part of the acquisition at SCHMOLZ + BICKENBACH's French Ugitech business unit (Ugine, Haute-Savoie). At Asco Industries' previous locations, production remains focused on the production and processing of special steel for the oil & gas, automotive and mechanical engineering markets, as well as the production of ball-bearing steel.
Clemens Iller, CEO, said: "We are delighted to accept the acquisition of Asco Industries, which is a great fit for us because of its excellent know-how, high-quality products and broad customer base. We are confident that, together with Asco, we will make our sustainable industrial concept a success and become an even stronger partner for our customers."
SCHMOLZ + BICKENBACH will hold a phone conference on the takeover in English language on January 29, 2018 at 2:00 pm (CET).
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