Schmolz+Bickenbach cancels sale of distribution units in Europe

Swiss-based special steel producer and distributor Schmolz+Bickenbach has announced that it has decided not to sell its distribution units in Germany, Belgium, the Netherlands and Austria.
 
The company found that the offered purchase price for the distribution activities did not reflect the value of the affected distribution activities, and therefore decided that keeping the activities in the group is more value accretive than selling them in the current environment.
 
According to Schmolz+Bickenbach, the operations of the affected distribution activities have been improving significantly over the current year as a result of the company's restructuring program. The company will focus on further improvements in efficiency and productivity.