Brescia, Italy-based ORI Martin group, which is specialized in the production of quality steels, has officially announced its acquisition of 70 percent of Lecco-based Trafileria Lariana Drawing Steels Spa which produces cold heading steels, structural steels and free cutting steels. Owned by Angela and Michele Stefanoni, who will maintain their presence in the company, Trafileria Lariana recorded a turnover of €13.4 million in 2018 and has about 20 employees.
ORI Martin, through the acquisition of 70 percent of the capital of Trafileria Lariana, enters “a new business area with a perspective of verticalization of semi-finished products and great attention to the market,” the company explained in a note.
The board will be composed of Angela and Michele Stefanoni, Roberto De Miranda, Giovanni Marinoni Martin and Andrea Agnelli, with Luca Civati in the role of managing director.
ORI Martin emphasized that, as in the case of Ferrosider and, before that, of Novacciai - companies acquired in 2018 and 2016 respectively - the company has chosen to expand its customer base without adding new production capacity in the market.
In July this year, ORI Martin had signaled its intention to conclude a new acquisition within the current year, as reported by SteelOrbis.