SIDENOR Group informs the investment community that, pursuant to the Group's strategy for expansion via international cooperations, all necessary procedures have been completed for the acquisition of a 34% stake (24% by SIDENOR SA and 10% by subsidiary PRAKSYS SA) in Italian A.W.M. S.p.a. The total value of the transaction amounted to euro 2,600,000.
Automatic Wire Machines (A.W.M) was founded in 1987, it is headquartered in Northern Italy and is a pioneer in the design and development of customized high-tech mechanical applications in the steel production and processing industry. Its activities are spread worldwide and its main focus is the fast growing markets in terms of construction activity. Its clientele includes large multinational steel producers and processing groups.
This participation is in line with SIDENOR's broader strategy to introduce new value-added products and services, along with expanding the Group's activities.