In a statement, AIC said the assets include the know-how, designs, brands, buildings, equipment, warehouses and technical possessions of Applicazioni Tecnologiche Siderurgiche (ATS). Operating since 1993, ATS is especially known for its bundle-tying machines.

“The company has established itself as a service company for steel and rolled product manufactures manufacturers around the world due to the production of machines with personalized settings based on individual customer needs,” AIC said in a statement.

The new business will operate as ATS Mechatronics s.r.l.

You can find AIC’s full statement here.