Italian stainless long steel producer Cogne Acciai Speciali, a subsidiary of Taiwanese stainless steel producer Walsin Lihwa, has completed the acquisition of Sheffield-based Special Melted Products (SMP) from German Mutares SE & Co. KgaA.
Earlier this month, Cogne's shareholders carried out a capital increase of €200 million ($214 million) in view of the merger. "With this acquisition, we are taking an important step on our growth path, enriched by a first-class equipment and product mix that complements our own thanks to Special Melted Products," said Massimiliano Burelli, CEO of Cogne Acciai Speciali.
Last month, Taiwan's Fair Trade Commission approved Walsin Lihwa's acquisition of SMP. The commission said the two companies produce stainless steel billets and bars, but SMP has no record of sales into Taiwan and has no future plans for the market. Therefore, the deal was approved as it would not restrict competition for the product in the Taiwan market.