Fagersta Stainless is currently a 50/50 joint venture owned by Outokumpu and Sandvik Materials Technology.
Fagersta Stainless (fagersta-stainless.se) is a leader in special stainless steel wire rod serving customers globally. In 2017, the company’s revenues were approximately EUR 150 million and stainless steel deliveries amounted to 52,000 tonnes. Fagersta’s product offering complements well Outokumpu’s ASR wire rod mill in Sheffield, UK, and Outokumpu plans to develop both units further to ensure continued offering of leading products and service to its wire rod customers globally.
The cash consideration of the transaction is EUR 18 million. The transaction will be executed in two phases, so that Outokumpu’s ownership will increase to 90 per cent at the end of June 2018 and to 100 per cent at the end of 2019. The completion of the transaction is subject to customary closing conditions.
About Outokumpu Group
Outokumpu (outokumpu.com) is the global leader in stainless steel. We aim to be the best value creator in stainless by 2020, through our competitive edge of customer orientation and efficiency. The foundation of our business is our ability to tailor stainless steel into any form and for almost any purpose. Stainless steel is sustainable, durable and designed to last forever. Our customers use it to create civilization’s basic structures and its most famous landmarks as well as products for households and various industries. Outokumpu employs 10,000 professionals in more than 30 countries, with headquarters on Helsinki, Finland and shares listed in Nasdaq Helsinki.
Investors Contact: Tommi Järvenpää, T: +358 9 421 3466, +358 40 576 0288