Voestalpine’s special steel division strengthens its international presence

Austrian steelmaker voestalpine has announced that its special steel division is continuing to strengthen its international presence by acquiring a majority stake in the Düsseldorf-based Eifeler Group as well as two companies in China, namely, Rieckermann Steeltech in Shanghai, and P.M. Technology in Shenzhen. The special steel division of voestalpine targets to increase its revenue from €3 billion to over €5 billion by 2020.
 
According to voestalpine, so far its special steel division has acquired nine companies from the Düsseldorf-based Eifeler Group, six in Germany, two in Switzerland, and one in the US, with total revenue of around €50 million and 330 employees. The companies specialize in high quality, innovative coating of components, primarily for the tools industry.
 
The current acquisitions are key measures for the company's long-term expansion strategy. As part of its growth target, voestalpine plans to increase revenue, especially in the processing sector, from its current levels of around €12 billion to around €20 billion by 2020.