Outokumpu has acquired from Swedish Sandvik its 11.6% minority shareholding in OSTP AB (Outokumpu Stainless Tubular Products) for EUR 21.5 million.
Full ownership in OSTP enables Outokumpu to develop the business further in line with its strategy to increase the share of the more value-added special products.
The EUR 21.5 million purchase price will be on top of the Group's targeted EUR 175 million capex frame for 2007.
Outokumpu's OSTP business unit is one of the world's largest producers of welded stainless steel tubular products, with operations in Sweden, Finland, Estonia, France, Canada and the US. The annual production capacity is some 100 000 tons. The business unit has 1 300 employees and had sales of some EUR 480 million in 2006.
Further information:
Lasse Johansson
SVP - OSTP
tel. +46 (0)226 82602
lasse.johansson@outokumpu.com