Russian steelmaker Severstal has announced that it has entered into a definitive agreement to sell its Italian subsidiary Redaelli Tecna S.p.A. to Austria-based metal wire rope producer Teufelberger Wirerope GmbH, as part of its strategy to focus on its Russian assets and enhance its efficiency.
Redaelli Tecna manufactures wire ropes for off-shore and on-shore oil activities, mining, cableways, material transportation and hoisting. With a staff of 330 employees, Redaelli Tecna generated revenues of €91.7 million in 2015.
The transaction is expected to be completed in first half of the current year, subject to receipt of antitrust clearances and other customary closing conditions as agreed by the parties.