Swiss-based special steel producer and distributor Schmolz+Bickenbach has announced that it has been awarded by a Strasbourg court the contract to acquire the French assets of Belgium-headquartered specialty steel producer Asco Industries, as of February 1.
According to the company’s statement, with the takeover, it will strengthen its business in the engineering steel segment and continue to expand its position as one of the leading companies for high-quality special long steel products in Europe. The acquisition follows its strategy of actively participating in the consolidation of the European specialty steel industry. Between the facilities of Asco Industries and the plants of the Schmolz+Bickenbach, there are excellent possibilities for integrating the product range and also the production network. The sustainable industrial concept will enable improved utilization of the plants and thus more efficient production strategy and cost advantages.
The transaction includes the acquisition of the main Asco Industries sites. At these locations, the majority of jobs are secured and new jobs will be created. At Asco Industries' locations, production focuses on the production and processing of special steel for the oil and gas, automotive and mechanical engineering markets.
Meanwhile, the European Commission announced on January 23 that it approved, pursuant to the European Merger Regulation, the acquisition of certain assets of Asco Industries in France by Schmolz+Bickenbach, stating that the proposed merger would not raise competition concerns as there is limited overlap between business activities.
London-based Liberty House Group had also submitted an offer for the takeover of the mentioned assets of Asco Industries, stating that it planned to invest more than €300 million over five years.