Luxembourg-headquartered global steel giant ArcelorMittal has announced the sale of its 48.1 percent stake in Paul Wurth Group to SMS GmbH. The transaction is in line with ArcelorMittal's strategy of selective divestment of non-core assets. The transaction is subject to customary closing conditions, including but not limited to competition clearance and is expected to be completed by the end of the third quarter of 2012.
Paul Wurth Group is an international engineering company offering the design and supply of a full range of technological solutions for the iron and steel industry and other metal sectors. In 2011, Paul Wurth Group generated a turnover of €491 million with a net profit of €18.2 million. Meanwhile, SMS group is, under the roof of SMS Holding GmbH, a group of companies internationally active in the supply of plants and machinery to the steel and nonferrous metals processing industry.
The chairman of Paul Wurth Group and member of ArcelorMittal Group management board, Michel Wurth, said, "SMS group is a natural buyer for our stake in Paul Wurth Group as both entities hold a leadership position in the metallurgical equipment and process market segment and offer a complementary product range for the steel producing industry."