Swiss-based special steel producer and distributor Schmolz+Bickenbach has announced that it has raised its offer for the takeover of the French assets of Belgium-headquartered specialty steel producer Asco Industries to €195 million from €135 million. The increased offer includes €82 million investment (previously €64 million investment) in Asco Industries' manufacturing facilities over the next four years.
Schmolz+Bickenbach stated that the scope of the offer to be submitted to the insolvency administrators has also been extended to include the Fos-sur-Mer site with its approximately 350 employees. Accordingly, the offer now includes the acquisition of all major Asco Industries sites, with the exception of Ascoval, a joint venture with French steel pipe producer Vallourec in Saint-Saulve. The extended scope of the offer is the result of an in-depth technical and economic examination of the Fos-sur-Mer site.
According to the company’s statement, the offer is in line with its strategy to play an active role in the consolidation of the European special long steel industry. A successful acquisition would create one of the leading European companies in high-value long steel products. The strategic rationale of the offer is the strong fit of Asco Industries French assets and the plants of Schmolz+Bickenbach Group.