Thyssenkrupp sells Italian stainless steel unit to Arvedi [Reuters]
THYSSENKRUPP AG S/ADR (TKAMY)
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Source: Reuters
By Tom Käckenhoff , Christoph Steitz 3 Min Read FRANKFURT (Reuters) - Thyssenkrupp has agreed to sell its Italian stainless steel division to Arvedi as part of the conglomerate’s wider restructuring efforts, it said on Thursday. The German group’s Acciai Speciali Terni (AST) division is Europe’s fourth-largest stainless steel producer behind Finnish rival Outokumpu, Luxembourg-based Aperam and Spain’s Acerinox. AST has been on Thyssenkrupp’s list of potential disposal candidates for years and marks the biggest item in list of businesses it wants to sell, restructure or close. “This transaction has a compelling industrial rationale for Arvedi Group, which becomes stronger by successfully completing its product mix,” said Arvedi President Cavaliere Giovanni Arvedi said. “Furthermore, this transaction is strategic for the whole Italian economy and represents an initial step towards new, exciting developments.” The deal, which also covers AST’s associated sales organisation in Germany, I
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