voestalpine sells Buderus Edelstahl to Mutares

With the sale of Buderus Edelstahl, the High Performance Metals Division of voestalpine is concentrating its product portfolio on the technologically demanding high performance materials segment, while simultaneously reducing its share of standardized tool steel and high-grade engineering steel production, the price of which is coming under increasing pressure due to greater competition from outside Europe. 

Effective restructuring and investments made by voestalpine over the past years have created the solid foundations for the future success of Buderus Edelstahl.

Johannes Laumann, CIO of Mutares, comments: “With the acquisition of Buderus Edelstahl, we are further strengthening our Engineering & Technology segment in the area of steel components and securing our own steel base. Buderus Edelstahl will also benefit from our existing product range and broad customer structure in the future, reducing its dependence on individual market risks and positioning itself more broadly for future growth within the Mutares Group. In line with the current situation at Buderus Edelstahl, we will negotiate a social plan with the employee representatives for the affected employees if it becomes necessary to reduce the workforce. Due to the company’s broad range of products, Buderus is effectively reducing its exposure to single market risks and sets itself for future growth. To optimize the manufacturing processes and further streamline the cost structure, we look forward to leveraging our in-house consultants’ expertise in optimizing manufacturing processes implementing best practices from our portfolio companies.”

Buderus Edelstahl, a company with almost 300 years of history and part of voestalpine AG since 2007, is a leading manufacturer of high-quality standard and special steels primarily used in vehicle manufacturing, plant and mechanical engineering, and tool and mold construction. In the business year 2023/24 the company generated revenue of EUR 362 million and has a current workforce of 1,130 employees (FTE).

Mutares SE & Co. KGaA, Munich (www.mutares.com), a listed private equity holding company with offices in Munich (HQ), Amsterdam, Bad Wiessee, Chicago, Frankfurt, Helsinki, London, Madrid, Milan, Mumbai, Paris, Shanghai, Stockholm, Vienna, and Warsaw, acquires companies in special situations which show significant operational improvement potential and are sold again after undergoing a repositioning and stabilization process. For the fiscal year 2024, consolidated revenues of EUR 5.7 billion to EUR 6.3 billion are expected. Based on this, consolidated revenues are to be expanded to approx. EUR 7 billion by 2025 and EUR 10 billion by 2028. As the portfolio grows, so do consulting revenues, which together with portfolio dividends and exit proceeds accrue to the Mutares Holding. On this basis, the Holding Company is expected to generate a net income of EUR 108 million to EUR 132 million for the fiscal year 2024, EUR 125 million to EUR 150 million for the fiscal year 2025 and EUR 200 million for the fiscal year 2028. The Management Board and Supervisory Board together hold more than one-third of all Mutares shares with voting rights. The shares of Mutares SE & Co. KGaA are traded on the Regulated Market of the Frankfurt Stock Exchange under the symbol “MUX” (ISIN: DE000A2NB650) and have been part of the selection index SDAX since December 2023.