Swiss-based special steel producer and distributor Schmolz+Bickenbach has announced that it has sold specific
distribution units in Germany, Belgium, the Netherlands and Austria to Jacquet Metal Service, a leading European special steel distributor, for €88.6 million.
Schmolz+Bickenbach stated that it expects to be paid in cash in the third quarter of the current year. The transaction is subject to approval by the anti-trust authorities as well as further customary closing conditions.
With the disposal, the company takes a major step in its strategic realignment, which foresees a focusing on the production of special long steel and the
distribution of its own products via the group's sales and services network. The tool steel division will stay with Schmolz+Bickenbach.