Ospitaletto, Italy-based steel group ASO has announced its signing of an agreement for the acquisition of high-alloy, stainless and chromium-plated steel bar producer Sider Planting Scaligera (SPS), whose main plant is located in the city of Verona, northern Italy.
Consequently, a new company has been created, called ASO SPS Steelworks, with Mr. Giuseppe Mercurelli named as CEO.
"ASO Group continues its expansion plan despite the tough market environment. We must react to the crisis through an integration process, the only way towards the optimization of costs," said Mr. Mercurelli.
In 2009, ASO Group's turnover dropped by 53 percent year on year, while this year it is expected to decrease by 2.2 percent year on year. Nevertheless, in the last two years the company managed to avoid losses. Eni, Siemens, Mitsubishi, General Electric, Danieli and Caterpillar are among the main customers of ASO Group.