Salzgitter Mannesmann Stahlhandel sells Salzgitter Mannesmann Stahlhandel Austria

• ECCO Group taking over the company with its Graz and Gratkorn locations
• Further step in Salzgitter AG's portfolio management

Salzgitter Mannesmann Stahlhandel GmbH, a Salzgitter AG company, is selling its wholly owned subsidiary Salzgitter Mannesmann Stahlhandel Austria to the ECCO Group.
 
Salzgitter Mannesmann Stahlhandel GmbH, based in Graz and Gratkorn, generates an annual turnover of around 60 million euros and employs around 84 people.
 
The ECCO GROUP specializes in the acquisition and sustainable further development of corporate divisions and units that are transferred to independence as part of group spin-offs - so-called carve-outs. As part of the transaction, all the relevant business divisions and activities are transferred to the new owner company.
 
Salzgitter AG founded Salzgitter Mannesmann Stahlhandel Austria in 2012 through the acquisition of parts of the Graz-based company Kovac Stahl GmbH. The selected investor was chosen to continue the company's many years of successful development. Both parties to the transaction emphasize their shared interest in a close and trusting partnership, also beyond the change of ownership.
 
As a long-term oriented new owner with a strong operational focus, the ECCO GROUP will be accompanying the company into the new phase of entrepreneurial independence in close cooperation with the management - in connection with targeted operational support and clear strategic development.
 
The existing supply relationships with the previous owner company and with the Salzgitter Group's supply plants will remain in place and will continue to form a mainstay of the business model, now and in future.
 
"We perceive Salzgitter Mannesmann Stahlhandel Austria as a company with a high level of industrial expertise, regional strength and attractive development potential - particularly in the area of pre-processing. Our goal is to secure stability together with the existing team and to realize new growth opportunities in a targeted manner," says Dr. Daniel Ebert, Managing Partner of the ECCO Group.
 
The takeover will not involve any changes for employees, customers or business partners. The company will continue to operate with the existing team. The continuity of service, as well as the accustomed quality and reliability, will be maintained without restriction.
 
"We have taken the decision to sell Salzgitter Mannesmann Stahlhandel Austria as part of the realignment of Salzgitter Mannesmann Stahlhandel. In this way, we are creating the foundation for the successful continuation of Salzgitter Mannesmann Stahlhandel Austria's business activities in a challenging market environment and taking a further step in the Salzgitter Group's portfolio management going forward. At the same time, we have secured continuity and stability for our employees and partners in Austria," as Dr. Sebastian Bross, Chairman of the Management Board of Salzgitter Mannesmann Stahlhandel GmbH stated.
 
Both parties have agreed not to disclose the purchase price. The acquisition is still subject to the approval of the antitrust authorities.