Fin. Fer S. p. a., the holding company of Pittini Group, an Italian steel company specializing in the manufacture of rebar for the building and mechanical engineering industries, has completed the purchase of the Verona plant previously owned by Riva Acciaio S. p. a., through a newly-founded and wholly-controlled subsidiary company called Acciaierie di Verona S. p. a.
The Verona works, a historic local landmark that has been operational since the beginning of the last century, mainly consists of a steel mill, a wire rod mill, a mill manufacturing rebar and a division producing coils and arc-welded meshes.
Pittini Group runs plants in Italy, Austria and Slovenia, delivering its products to over 40 different markets, and at present has over 1,700 employees working in 17 factories, with an overall annual output capacity of over three million tons of steel. In 2014, the company had a turnover of almost $1 billion.
The purchase will enable the Pittini Group to expand its operations and reinforce its position in the rebar and building fields, in Italy and in foreign markets, extending the range of products it can put on the market.
"Our group's goal is to grow in order to overcome the hard times the European steel industry in particular and the manufacturing industry in general are going through," stated Federico Pittini, chairman of Fin. Fer. "The purchase of the Verona plant is designed to increase our range of high quality wire rod products, reinforcing the company’s position in its traditional sectors. I would like to thank the previous owners of the Verona works, with whom we entered into complex negotiations,” he added.
Mr. Pittini concluded by saying, “We will do our best to relaunch the Verona plant and ensure its continued development. I welcome the management team and employees of Acciaierie di Verona S. p. a. to our group, confident that ours will be a constructive and fruitful collaboration."