The main plant of ILVA, located in the city of Taranto in the Puglia region and one of Europe’s largest integrated steel facilities, has for years been associated with environmental pollution and high cancer rates in the surrounding area. With the acquisition agreement, the aim is to secure the plant’s long-term future.
In a statement shared by the Florida-based Flacks Group on LinkedIn, the company emphasized that the transaction will preserve the employment of approximately 8,500 skilled workers and strengthen European supply chains that are critical to the automotive, construction, and infrastructure sectors.
The Group plans to invest up to EUR 5 billion in the modernization of the facility, including electrification and furnace upgrades, in order to support decarbonization, efficiency improvements, and sustainable growth. The statement also noted that the Italian government will remain a strategic partner with a 40% stake, while Flacks Group will hold an option to acquire an additional 40% share at a later stage.
Commenting on the transaction, Michael Flacks, Founder and Chairman of Flacks Group, stated:
“Our objective is to make a long-term investment, modernize responsibly, and ensure that this historic steel plant has a lasting and sustainable future.”
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