SCHMOLZ + BICKENBACH confirms offer for Asco Industries Montag, 20. November 2017 - 14:15
SCHMOLZ + BICKENBACH confirms offer for Asco Industries
Lucerne, November 20, 2017 – SCHMOLZ + BICKENBACH, a global leader in special long steel, today confirmed that it has submitted an offer for a takeover of Asco Industries assets.
The interest in an acquisition of Asco Industries assets is in accordance with the strategy of SCHMOLZ + BICKENBACH to play an active role in the consolidation of the European special long steel industry. With a workforce of roughly 1 500 employees, Asco Industries achieved revenues of EUR 500 million in 2015. SCHMOLZ + BICKENBACH reported 2.3 billion in sales and employed around 8 900 people in 2016. A successful acquisition would create one of the leading European companies in high value long steel products. Strategic rationale of the offer is a strong fit of Asco Industries French assets and the plants of SCHMOLZ + BICKENBACH Group. This would result in a more efficient production strategy and therefore increase the utilization rates of each plant.
Any potential transaction is still subject to several conditions. There is no guarantee that a submission of an offer will ultimately lead to a transaction.
SCHMOLZ + BICKENBACH will provide an update in due course.
