Walsin Lihwa’s board meeting on May 31 this year decided to acquire a 70% stake in the Italy-based Cogne Acciai Speciali (CAS). The acquisition has been approved by both the Taiwan and Italian governments, and the transaction of the acquisition was completed with the Marzorati family of CAS on November 30.
Located in Aosta, an industrial city in Italy, CAS is a leading European manufacturer of stainless steel bars and wire rods. CAS, which provides high added-value and industry-certified specialty steel products, has sales channels in 15 countries. Its products are primarily used in the automobile, and oil and gas, aerospace, medical, machining industries. The annual capacity of CAS is approximately 220,000 tons, and the company’s revenues of the first three quarters reached EUR 730 million.
With the transaction completed, the assets, revenues, and earnings of CAS will be included into the financial statements of Walsin Lihwa beginning December 2022. The Stainless Steel Business Group of Walsin Lihwa will benefit from the acquisition to strengthen mutual complement and synergy with customers in terms of channels, equipment, products, and technologies, so that the overall competitiveness can be further enhanced for the Stainless Steel Business Group to consolidate its global leadership in stainless steel bars and wire rods, enable a steadfast growth at Walsin Lihwa, and help make a good return on investment for shareholders.
Established in 1966, Walsin Lihwa dedicates itself to the development of wire and cable, stainless steel, commodity resources, real estate, and renewable energies. As a leader in the wire and cable and the stainless steel industry in the Greater China region, the company has also expanded itself into a multinational conglomerate with hi-tech and energy investments.