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SERVICE CENTERS HEADLINES

Service Centers Salzgitter AG Takes Over Part of the Operations of Kovac Stahl, Graz/Austria

Jun. 12, 2012

Salzgitter AG/Germany has signed a contract to acquire the Graz- and Gratkorn-based operations of Kovac Stahl, Graz/Austria. Kovac Stahl, which has a workforce of around 130 employees, operates steel trading and steel service center activities at its various locations. With shipments of more than 40,000 tons, the company generated sales of approximately €47 million in 2011.

Salzgitter AG's Trading Division's has strengthened its market position in Austria through the acquisition of these Kovac Stahl sites and will be represented in the future in this market through its own warehouse location. Moreover, the transaction has extended the divison’s portfolio in the field of thermal separating technologies revolving around laser cutting. The Graz and Gratkorn locations were founded by the Kovac family and managed as family business to date. The prerequisites for the ongoing success and further growth of these operations under the roof of Germany's second-largest steel manufacturer have been put in place.

The parties have agreed to not disclose the purchase price. The acquisition is subject to approval by the antitrust authority.

http://www.salzgitter-ag.de/en/Presse/Pressearchiv/2012/

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