Italian steel processing companies Oggiono, Lecco-based ITLA, controlled by Turin-based CLN Group, and Calolziocorte, Lecco-based Giuseppe F.lli Bonaiti have announced that they have signed a formal agreement for the establishment of a new joint venture that will merge the assets and activities of the companies in Oggiono (LC), Mogliano Veneto (VE) and Palazzago (BG). Itla Bonaiti will be the name of the new JV. The steel wire production line of Giuseppe F.lli Bonaiti in Calolziocorte is excluded from the agreement.
"The birth of this joint venture represents a further step ahead in the consolidation process in the Italian sector of high carbon steel rerolling and contributes to the making of a leading company in the Italian market for cold rolled high-carbon and alloyed steel strips,” a press statement issued by the two companies said.
“The new joint venture, in which ITLA will have a majority stake, will benefit from all the synergy advantages offered by the merger: from the integration of the product portfolios, to the optimization of production capacity, to a greater penetration of European markets, not to mention the improvement in its economical results," the statement added.