Walsin Lihwa Corporation (“Walsin”) convened a board of directors meeting today resolving to acquire Special Melted Products (“SMP”), through its 70% owned subsidiary, Cogne Acciai Speciali S.p.A. (“CAS”), in an all-cash transaction with the deal value of approximately £144 million (“Transaction”). The closing of the Transaction is subject to customary conditions and regulatory approvals.
Based in Sheffield, UK, SMP is a leading supplier of melted, forged and precision machined premium, specialty steels and nickel-based superalloys used in critical applications for the Aerospace, Oil & Gas and Nuclear industries.
Upon the closing of the acquisition, SMP will become part of CAS, the leading European stainless steel and nickel alloy manufacturer joining Walsin Family in 2022. CAS would then be able to extend its arm in Europe and presence in the premium end markets.
The proposed transaction strengthens Walsin’s strategic focus on the premium segments. “We are committed to the shared vision with the Marzorati Family, the minority shareholder of CAS, to become the largest global producer of specialty stainless steel and nickel alloy,” said Mr. Yu-Lon Chiao, Chairman of Walsin. “The acquisition of SMP reinforces Walsin’s commitment to deliver an extended sales network for global customers by providing diverse product offerings, enhanced product quality and differentiated solutions that increase the value of the network.”
The combination of Walsin, CAS, and SMP, is expected to unlock synergies, including: broaden product portfolio via complementary manufacturing facilities, expand reach of end markets across different segments, and drive next generation of growth with integrated resources.
About SMP
Founded in 1800’s, SMP is a leading supplier of premium, specialty steels and nickel based super alloys used in critical applications for the aerospace, oil & gas and civil nuclear industries. Based in Sheffield of UK, it has 3 sites in close proximity with significant melting, forging and machining capabilities. With exceptional manufacturing capabilities, SMP offers high levels of product innovation to satisfy most critical customers. It is a “one stop shop” for multiple melted alloys and components in specifically chosen industrial field.
About CAS
CAS is a world leading manufacturer of stainless steel and nickel alloy long products located in Aosta of Italy, providing manufacturing services of melting, remelting, casting, rolling, forging and machining. CAS has a niche market for industrial certification products, includes stainless steels and nickel alloys long products, valve steels for automotive and tailor-made products on customers drawing in special steels. CAS has a leading position in the European market with sales offices in more than 15 countries around the world.
About Walsin
Established in 1966 and listed on Taiwan stock exchange since 1972, Walsin is an industrial conglomerate with operations spanning wire & cable, stainless steel, and renewable energy. With over 20 production and sales sites across Greater China, Southeast Asia and US, Walsin products are widely used across industrial, automotive, oil and gas and consumer sectors. Walsin is headquartered in Taipei, Taiwan. For more information, please visit https://www.walsin.com
