ThyssenKrupp has announced the sale of Ast di Terni to the Arvedi group. The news was made official with a note on the German multinational’s website. The steel mill then returns to an Italian property.
The negotiation for the sale of the site specializing in the production of stainless steel, with around 2,300 employees, had resulted in a final head-to-head which saw the Italian groups Arvedi and Marcegaglia oppose, with the former being been favored. A total of four expressions of interest initially presented to ThyssenKrupp, three binding offers, Arvedi, Marcegaglia and the Chinese of Baosteel. In recent days, the Minister for Economic Development Giancarlo Giorgetti, reporting to the Chamber, had announced that the buyer’s name would be announced by September.
The sale of Ast was announced by ThyssenKrupp, undergoing a major restructuring, in May 2020.
Thyssenkrupp – a statement reads – announced “the sale of Acciai Speciali Terni (AST), including its commercial organization in Germany, Italy and Turkey, to the Italian company Arvedi, thus reaching a new milestone in the reorganization of the group”. “It has been agreed – it is added – not to disclose the purchase price. The transaction is subject to the approval of the Supervisory Board of Thyssenkrupp AG and the authorization of the European antitrust authority”.
The AST group, with a turnover of approximately 1.7 billion euros in the 2019/2020 financial year, currently employs approximately 2,700 employees. With the sale, Thyssenkrupp – again reports the multinational – separates itself from the fourth company in the portfolio in the Multi Tracks segment. “This is – concludes the note – a further important step in the transformation of the group towards a highly performing” Group of Companies “. For Martina Merz, CEO of Thyssenkrupp AG: “This fourth transaction demonstrates how we are working on our priorities, making decisive progress in Thyssenkrupp’s transformation process.” Martina Merz continues: “The speed of implementation of the portfolio focus strategy is decisive for our transformation process. At the same time, improving performance remains our top priority. From this point of view, too, we are well advanced and continue. Volkmar Dinstuhl, CEO of the Multi Tracks segment and President of AST adds the statements: “We are delighted that the Arvedi group is the new owner of AST as it will promote the development of AST with investments and innovations”.
Thanks to the combination with AST, the Arvedi group will consolidate itself among the main European players in the steel sector. The family-owned Arvedi Group is mainly active in the production and processing of carbon and stainless steel. Arvedi currently employs 3,500 people and has announced significant investments in connection with the acquisition of Ast.
“The Government has followed the affair with due attention and discretion and today we are satisfied with the positive result of the sale of the Ast. This conclusion represents an important step for the enhancement and relaunch of Italian steel. We welcome that the ownership move to an Italian group and we hope that this will also translate into a development of the industrial area and a protection for the territory concerned. We wish the workers who can look to the future with confidence and the company for their commitment and the challenge”. Thus the Minister of Economic Development Giancarlo Giorgetti.
The acquisition of Ast “represents a strengthening of the Arvedi group as it completes, in an industrial synergy, the production mix. A country system operation that could initiate other positive developments”. This was stated in a note, the founder and president of Arvedi, Giovanni Arvedi . “We are pleased with the sign of continuity and trust that the Thyssenkrupp Company wished to demonstrate by evaluating the possibility of maintaining a minority shareholding in Ast” he underlines.
The closing of the sale of Ast to Arvedi “is expected within the first half of 2022 e Thyssenkrupp is examining the possibility of maintaining a minority stake in the Ast group“. This is stated in the note from the German group.” The details regarding this possibility will be agreed upon by closing “.