Italian steel producer Officine Tecnosider S.r.l. (OTS) has been acquired by Trasteel SA and Vanomet AG, two Switzerland-based leaders in the steel industry, Trasteel has announced in a press release.
OTS’s manufacturing site with a production capacity of 370,000 mt per year supplies a wide range of heavy plates to various sectors, including general engineering, construction and shipbuilding, as well as to clients in central, western and eastern Europe and in North and South America.
Trasteel stated that the current management team of OTS will continue to work after the acquisition.
CEO and former shareholder of OTS, Ivo Conti said, “We are convinced that the new shareholders shall continue our successful business and that the flexibility and efficiency of our plant shall continue to give us a competitive advantage. Despite a temporary shutdown in the wake of the coronavirus, OTS has restarted production recently and is planning to move back to near-full capacity utilization in the second half of the year. In contrast to other mills, OTS can achieve a sound profitability even when operating at less than full capacity.”
Trasteel CEO Gianfranco Imperato stated that this acquisition will definitely help their company to become a well-diversified industrial group.
Trasteel has been a minority shareholder of OTS since its inception. With the completion of the transaction, Trasteel and Vanomet have taken over the remaining stake from the founders and previous owners.