Teufelberger has signed a definitive agreement for the acquisition of Italian steel wire rope manufacturer Redaelli Tecna from Russian Severstal–metiz
Teufelberger has signed a definitive agreement for the acquisition of Italian steel wire rope manufacturer Redaelli Tecna from Russian Severstal–metiz.
Austria-based Teufelberger specialises in the development design and manufacture of high tech steel wire ropes. In 2015 it reported revenues of €180m, of which 90% came from exports.
Redaelli designs and manufactures steel wire ropes for offshore and onshore oil and gas activities, mining, cableways, material transportation and hoisting. It generated total revenues of €92m in 2015.
Florian Teufelberger, CEO of Teufelberger said: “We are convinced that Redaelli will be an enormous gain for Teufelberger. Together, we will now be able to offer customers a product portfolio of steel wire ropes and services that is unprecedented in the industry.”
Giuliano Ambroset, managing director of Redaelli Tecna said: “With Teufelberger, we will become part of a long-term-oriented, stable, family enterprise. The resulting synergies and the competences of Redaelli will open a wide range of opportunities for our companies”
The closing of this deal is expected to take place in spring of 2017, subject to receipt of antitrust clearances and
other customary closing conditions as agreed by the parties