Ad hoc announcement pursuant to Art. 53 LR
┴˝┴ź╩ËĂÁ divests several non-core distribution companies
Lucerne, February 16, 2023
Swiss╠řSteel╠řGroup, a world leader in special long steel, today signed a definitive agreement for the sale of several distribution companies to JACQUET╠řMETALS, a leader in the distribution of specialty metals.
The transaction encompasses entities in the Czech Republic, Poland, Slovakia, Hungary, Lithuania, Estonia and Latvia that have generated a total net revenue of EUR╠ř158 million and an EBITDA of EUR╠ř12 million in 2022 with 267 employees by selling mostly non-Swiss╠řSteel╠řGroup products. This divesture is an important step for Swiss╠řSteel╠řGroup on its strategic pathway focusing on a global distribution network that promotes and sells own mill products.
This is the second significant agreement between the longtime business partners Swiss╠řSteel╠řGroup and JACQUET╠řMETALS following the sale of distribution entities in Germany, Austria, Belgium and the Netherlands in 2015. With this transaction Swiss╠řSteel╠řGroup and JACQUET╠řMETALS will expand their already existing business relationship and will continue to cooperate as reliable partners.
Completion of the transaction is subject to customary closing conditions including approval by the relevant anti-trust authorities. The parties have agreed to maintain confidentiality regarding the purchase price.
In accordance with IFRS 5, Swiss╠řSteel╠řGroup will classify the disposal group as Held for Sale in its annual report 2022 foreseen to be published on March 8, 2023.
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