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Mechel OAO to Acquire German Based HBL Holdings
09/25/2008 - Mechel OAO announces plans to acquire a 100% stake in HBL Holding GmbH through its Mechel Service OOO service and sales subsidiary.
Mechel OAO announced plans to acquire a 100% stake in HBL Holding GmbH through its Mechel Service OOO service and sales subsidiary.
Founded in 1976, HBL Holding integrates eight steel service and trading companies in Germany. Its main competitive advantage is the wide range of its products: construction and tool steel, various rolled products for construction, various kinds of stainless steel pipes, steel sheets, including stainless steel sheets, and aluminum, brass and copper sections.
With activities focused primarily in North Rhine-Westphalia, Bremen and the Eastern German federal states, HBL Holding also offers high value-added services surrounding steel wholesaling, and fast delivery of standard steel products through an effective warehousing system. In addition, HBL offers sophisticated, customer-tailored services in the area of prefabrication and processing of metals, and precision (thermal) cutting such as plasma, laser, water jet and autogenous cutting. Major HBL customers include European companies in machinery and automotive manufacturing, and the construction industry.
"HBL Group is well positioned in its market segment and shows sustainable profitability and solid growth prospects," commented Mechel Management OOO Chief Executive Officer Vladimir Polin. “This purchase provides Mechel with greater access to attractive European markets and a more direct relationship to the users of our products. A wide range of available services and products and a group-wide logistics system enables HBL to offer utmost flexibility and just-in-time deliveries on short notice.”
According to Mechel, the acquisition is consistent with Mechel Service OOO's ongoing program to expand its sales network, enhance and extend the range of its services, and enlarge its client base. Ownership of the shares in HBL Holding shall pass to the buyer following completion of all necessary legal and financial procedures.
“The acquisition is the continuation of Mechel Service's program aimed at entering the market of custom-tailored high margin steel products,” concluded Polin.
Mechel, one of the leading Russian mining and metals companies, unites producers of coal, iron ore, nickel, steel, rolled products, and hardware. Its business includes three segments—mining, steel, and power—and its products are marketed domestically and internationally.
