German investor Mutares acquires two of ArcelorMittal’s French wire mills
By IM Staff
Published: Tuesday, 09 July 2019
Mutares has completed the purchase of the TrefilUnion wire products mills in France for an undisclosed sum. The mills are a “perfect” fit, the Mutares CEO said.
German turnaround investor Mutares has completed the
acquisition of TrefilUnion, the French wire products subsidiary
of steelmaker ArcelorMittal, it said on Monday June 3.
The value of the acquisition was not disclosed.
TrefilUnion has plants in Commercy and
Sainte-Colombe-sur-Seine, both in eastern France. It was a part
of ArcelorMittal’s WireSolutions business, which
has three other plants in France as well as one each in Germany
and Poland.
"[TrefilUnion] produces wires and steel ropes with a product
portfolio ranging from thin spring wire for the automotive
market to heavy specialities for bridges and the pre-stressed
concrete market," Mutares said.
Demand for high-carbon wire rod has weakened in recent
months on poor demand in the European automotive sector.
Mutares first made a binding offer for TrefilUnion on April
23, which was followed by discussions with French steel trade
unions.
"The company complements our goods and services segment,"
Mutares chief executive officer Robin Laik said. "We are
convinced that we are the perfect partner for its successful
development."
Mutares previously acquired the French stainless steel
welded tubes division of stainless steelmaker Aperam in April
2017.
TrefilUnion reported revenues of €42 million ($47
million) in 2018 and employs more than 100 people at its two
plants.