Posted on 30 Sep 2022
Taiwan's Investment Review Committee has granted approval for stainless and special steelmaker Walsin Lihwa Corporation to establish an investment vehicle in Luxembourg through which the Taipei-based firm will acquire a controlling stake in Italy's Cogne Acciai Speciali S.p.A (CAS), a leading manufacturer in European stainless steel long products.
The approval was granted during a committee meeting held on September 26, local media reported, allowing Walsin Lihwa Europe SARL to be established to invest the equivalent of $220 million for a 70% stake in CAS. The Taiwanese maker had announced its plans for its European expansion in June this year, as Mysteel Global reported.
Based in Aosta and established some 50 years ago, CAS is leading manufacturer of stainless steel and nickel alloy long products, providing manufacturing services of melting, casting, rolling, forging and machining, Walsin said at the time. Employing 1,400 people, it has sales bases in 15 countries and a production capacity of about 220,000 tonnes/year, according to local reports.
The company's products are mainly used in the automotive, oil and gas, aerospace, medical and mechanical processing industries. In 2021, CAS had a turnover of EUR 645 million.
"Through our complementary product offerings, manufacturing capabilities, certifications and sales channels, we expect to be able to extract significant synergies, expand and develop products for new markets and deliver value to our customers through manufacturing services," Walsin's chairman, Chiao Yu-Lon Chiao, said of the investment.
Established in 1966, Walsin is an industrial conglomerate with operations spanning wire and cable, stainless steel, and renewable energy. With over 20 production and sales sites worldwide, Walsin products are widely used across industrial, automotive, oil and gas and consumer sectors.
Source:Mysteel Global
