Austrian steelmaker voestalpine AG has announced that it has acquired two specialty steel producers, Chinese company Advanced Tooling Tek (ATT), based in Shanghai, and Sermetal Group based in Barcelona, Spain. With the purchase of these companies, voestalpine stated that it is enhancing its position in China and Europe as a producer of special steels. Both companies are specialized in the processing and sale of special steel products for tool and mold-making, a segment whose main customers are the automotive and electronics industries.
According to voestalpine’s statement, ATT has a staff of around 100 employees and generated revenue of around €16 million in 2015. One of the most important product segments served by this special steel sales and processing specialist is large injection molds which are used in the automotive industry for the manufacture of plastic parts such as headlights. Meanwhile, Sermetal Group has four sales and service sites in Spain and Portugal. Sermetal is the market leader in the Iberian Peninsula in plastic mold steel for the automotive industry, and generated with its 60 employees a revenue of around €27 million in 2015.