Outokumpu announced last week that it has completed the Inoxum transaction with ThyssenKrupp AG. The acquisition results Outokumpu a 40% market share in Europe and 12% globally, the largest portfolio in the industry.
ThyssenKrupp becomes a major shareholder in Outokumpu with 29.9% of the shares through directed share issue.
With unparalleled technical expertise and customer knowledge, the new Outokumpu begins its operations with new structure and leadership on December 29, 2012 as a clear global leader in stainless steel and high performance alloys.
The transaction enables a strategic optimization of production structure, further helps savings in the operation. The combination is set to create annual cost synergies of euro 200 million, of which euro 50 million is already expected in 2013, and is aiming to reach euro 150 million in 2014 cumulatively.
The combination has around 16,900 employees, with revenues of euro 9.6 billion, according to 2011 estimation and cold rolling capacity of approximately 2.8 million tons.
