The German industrial and technology group ThyssenKrupp sells its subsidiary Acciai Speciali Terni (AST), including the associated sales organization in Germany, Italy and Turkey, to the Italian family-owned company Arvedi. At the same time, ThyssenKrupp might remain minority shareholder of AST which will be negotiated up to the closing that is expected in the first half of 2022. The purchase price was not disclosed.
AST generates roughly €1.7 billion revenues in 2019/2020 and employs around 2,700 people. The transaction leads to a strong European player in the steel business since Arvedi’s core business is primary steel production and processing. Arvedi regards the transaction as “strategic for the whole Italian economy and represents an initial step towards new exciting developments”. The buyer also announced significant investments in connection with the acquisition. For Thyssenkrupp, the divestment is another milestone in the realignment of the group.