As part of the next step to integrate Ovako into the Nippon Steel & Sumitomo Metal Corporation (NSSMC), Ovako will be acquired by Sanyo Special Steel. NSSMC, who today is the largest shareholder of Sanyo Special Steel, will in conjunction with the acquisition increase its shares and make Sanyo Special Steel a subsidiary.
This will enable an even stronger cooperation between Ovako, NSSMC and Sanyo Special Steel with ambition to strengthen the special steel offering to the global market. The closing of the acquisition is expected to be completed by March 2019, pending on regulatory approval.
“This acquisition is a natural next step to integrate into NSSMC and will enable Ovako to strengthen its commercial offering and technical capabilities. We see many synergies between Ovako and Sanyo Special Steel and I am convinced that together, we will create further opportunities for our customers globally,” says Ovako President and CEO Marcus Hedblom.
Sanyo Special Steel is a leading long specialty steel company. They manufacture and sell special steel products in Japan and internationally. They provide various special steel bars and seamless tubes, including bearing, engineering, stainless, heat resistant and tool steel as well as metal powder and powder metallurgy products. They also offer formed & fabricated materials which are processed into nearly finished product forms from special steel bars or seamless tubes. Sanyo Special Steel has around 2,600 employees and a net sales of EUR 1,200 million in 2017. The company is listed on the Tokyo Stock Exchange.