Buderus Edelstahl, a wholly owned subsidiary of Mutares SE & Co. KGaA$MUX (+1,26 %)has successfully sold its two business units Hot Rolling Mill and Mechanical Processing including Heat Treatment to GMH Gruppe.
The company is a renowned manufacturer of high-quality special steels with a focus on tool steel and engineering steel, a globally diversified customer portfolio and an annual turnover of approximately EUR 360 million. After the first successful optimizations and transformation measures implemented on site since the takeover, the sale to a strategic buyer is the next step for the company to continue its sustainable development. GMH Gruppe thus offers the two Buderus stainless steel business units Hot Rolling Mill and Mechanical Processing, including Heat Treatment, great potential for further expansion.
Despite difficult market conditions, this step has secured around 670 jobs at the Wetzlar site.
Due to the continuing challenging market conditions in the steel industry, the drop forging division will also be sold to the FerrAl United Group (a wholly owned subsidiary of the Mutares Group).
