Outokumpu Acquires Sandvik’s Minority Share in OSTP
05/16/2007 - Outokumpu has acquired Swedish Sandvik’s 11.6% minority shareholding in Outokumpu Stainless Tubular Products (OSTP AB) for EUR 21.5 million.
Outokumpu has acquired Swedish Sandvik’s 11.6% minority shareholding in Outokumpu Stainless Tubular Products (OSTP AB) for EUR 21.5 million.
With full ownership, OSTP will be free to further develop Outokumpu’s business in line with its strategy to increase the share of value-added special products.
The EUR 21.5 million purchase price will be on top of the Group's targeted EUR 175 million capex frame for 2007.
Outokumpu's OSTP business unit is one of the world's largest producers of welded stainless steel tubular products, with operations in Sweden, Finland, Estonia, Belgium, France, Canada and the US. The annual production capacity is some 100 000 tons. The business unit has 1 300 employees and had sales of some EUR 480 million in 2006.
