Voestalpine has completed the sale of its German subsidiary Buderus Edelstahl

Austria’s voestalpine announced that it has completed the sale of its German subsidiary Buderus Edelstahl.

The buyer was the investment company Mutares, with a closing date of January 31 this year. The parties have agreed not to disclose the amount of the transaction.

As noted, after the sale of Buderus Edelstahl, voestalpine’s High Performance Metals division will concentrate its product portfolio on the segment of technologically sophisticated materials with high performance characteristics, while reducing the share of production of standardized tool steel and high quality engineering steel, whose prices are under increasing pressure due to increased competition from across European borders.

As noted in Mutares’ announcement, the acquisition was an investment in a new platform to strengthen its engineering and technology segment

Buderus Edelstahl had been part of voestalpine AG since 2007. The company is a leading manufacturer of high-quality standardized and special steel, and its products are mainly used in vehicle, plant and machine construction as well as in the construction of tools and shapes.

Buderus’ diversified customer portfolio, Mutares noted, has around 350 active customers and includes various sectors and end markets. In the 2023/2024 fiscal year (ended March 2024), the company’s sales amounted to approximately €360 million. Buderus has a highly industrialized production site in the city of Wetzlar (federal state of Hesse).

As GMK Center reported earlier, that voestalpine called for easing the conditions of industrial production in Austria. The company’s CEO Herbert Eibensteiner advocated lower taxes, lower energy costs and simplified bureaucracy.