Italian authorities greenlight Cognes Walsin Lihwa acquisition
The Italian prime minister’s office, Presidenza del Consiglio dei Ministri, has issued the official approval for Taiwan’s Walsin Lihwa’s buyout of Italian long stainless steelmaker Cogne Acciai Speciali (CAS), Kallanish learns from Cogne.
Approval has also come from the Ministry of Economic Development (Mise) and Taiwan’s antitrust authority. The deal closing will be concluded before the end of the year.
In June, Walsin signed a contract to buy 70% of CAS. The partner will invest over €110 million ($98.1m) in Cogne’s Aosta plant between 2022-2024. The growth strategy involves gaining market share in Europe and Asia and developing the group’s presence in the US. Cogne confirms it intends to boost output by adding shifts and hiring more workers.
The strategy is “to create the world’s largest group in the production of special long stainless steels, with concrete ambitions to further widen the perimeter of operations in Europe and the Americas,” Cogne president Giuseppe Marzorati said in June (see Kallanish passim).
Last year, Cogne achieved a turnover of €645m. Walsin Lihwa’s Basic Material division, the company’s long stainless steel business, employs 7,000 workers and posted a €4.7 billion turnover last year.
Natalia Capra France