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voestalpine sells Buderus Edelstahl to Mutares

Press Kit zip | 38,3 MB

2024-10-23 | 

voestalpine has concluded negotiations for the sale of German Group subsidiary Buderus Edelstahl. With Mutares SE & Co. KGaA, a recognized investment company is taking over the company based in Wetzlar, Hessen. The contract was signed yesterday and the sale now awaits approval from the relevant competition authorities. The parties have agreed not to disclose the purchase price. The transaction is expected to be concluded by the end of Q4 2024. The expected financial impact of the sale has already been communicated and is included in our earnings forecast for the ongoing BY 2024/25 (EUR 1.4 billion EBITDA).

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. 

eibensteiner

We searched intensively for investors, spoke with many companies, and explored a variety of options. With Mutares, we have found a prestigious investor with vast experience in managing companies during periods of transformation to take over Buderus Edelstahl. The sale is aimed at optimizing the High Performance Metals Division product portfolio, thereby strengthening its position in the global marketplace over the long term.

Herbert Eibensteiner, CEO of voestalpine AG

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

nöbauer

We are passing on a company with a good stock of production facilities and skilled employees. With its investment portfolio, Mutares is the best option for Buderus Edelstahl, and we are confident that, despite the current economic climate, the overwhelming majority of employees will have a long-term future at this location.

Reinhard Nöbauer, Member of the Management Board of voestalpine AG and Head of the High Performance Metals Division

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

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.

The voestalpine Group

voestalpine is a globally leading steel and technology group with a unique combination of materials and processing expertise. voestalpine, which operates globally, has around 500 Group companies and locations in more than 50 countries on all five continents. The voestalpine Group has been listed on the Vienna Stock Exchange since 1995. With its premium products and system solutions, voestalpine is a leading partner to the automotive and consumer goods industries, as well as to the aerospace and energy industries. The company is also the global market leader in railway systems, tool steel, and special sections. voestalpine is committed to the global climate goals and has a clear plan for transforming steel production with its greentec steel program. In the business year 2023/24, the Group generated revenue of EUR 16.7 billion, with an operating result (EBITDA) of EUR 1.7 billion; it has around 51,600 employees worldwide.