Italian steel group Marcegaglia has acquired from Russian group Evraz, through its subsidiary Marcegaglia Plates, 100 percent of the capital of Evraz Palini & Bertoli, based in San Giorgio di Nogaro, Udine. The news was made official by Gazoldo degli Ippoliti, Mantua-based Marcegaglia after the approval given by the European Commission in line with EU merger regulations.
Palini & Bertoli is a company with 108 employees and a turnover of €216 million, specialized in the production of heavy plates with over 400,000 mt of steel processed each year.
"With the new acquisition, which is part of the plan to strengthen the Mantua-based steel group, Marcegaglia Plates will create a new industrial hub capable of transforming 1 million mt of steel per year with 200 workers, for a value of over €500 million mt."
The acquired company has been renamed Marcegaglia Palini & Bertoli. Thanks to the new ownership, it will be able to benefit, "from investments aimed at strengthening its production structure, but also from important operational and commercial synergies."
The transaction was finalized on the basis of an enterprise value of €40 million, Marcegaglia stated.