• Acerinox, S.A. acquires VDM Metals, a German company, a leader producer of specialty alloys
• A great opportunity for Acerinox to grow into new markets with tailor-made projects and solutions and higher added value materials

Acerinox, S.A., a global leading stainless steel manufacturer with headquarters in Spain, has reached an agreement for the acquisition from Lindsay Goldberg Vogel GmbH and Falcon Metals BV. of VDM Metals Holding GmbH (“VDM Metals”), with headquarters in Germany and leader producer of specialty alloys.

With this deal, the Acerinox Group is looking to diversify into higher value added sectors. VDM Metals represents a great opportunity for Acerinox to grow into new markets and growing sectors such as aerospace, chemical industry, medical industry, oil and gas and renewable energies, water treatment and emissions control.

The deal has concluded in the acquisition agreement valued at €532 million. Acerinox will pay €310 million and will assume debt for an amount of €57 million and pension plans and other liabilities for an amount of €165 million. Acerinox will use its existing financing lines available for this acquisition. The transaction implies an EV/EBITDA of 5,5x before synergies.

Following completion of the transaction, Acerinox will focus its efforts on the integration of both companies in order to extract the full value of expected synergies. The incorporation of VDM Metals to the Acerinox Group will increase the net sales and EBITDA by over 20%.

Bernardo Velazquez, CEO of Acerinox states: “We are very excited to announce the strategic investment in the leading specialty alloys company, with an experienced management team, excellent reputation, with strong R&D capabilities and a broad and high quality customer base. VDM Metals represents the perfect growth platform for Acerinox with solid margins and complementary products and services.”

Niclas Müller, CEO of VDM Metals states: “We are delighted to become part of the Acerinox Group which presents the opportunity to strengthen and  grow of our businesses, being aligned with Acerinox´s long-term strategy and its investment plan.”

Closing of the acquisition is subject to the approval, among others, of the European and US antitrust authorities and it is expected to take place by late Q1 2020. In the meantime the acquisition will be presented to employees and representatives of both companies in the coming weeks. Until the final closing, Acerinox and VDM Metals will operate  as independent companies.

Acerinox has been advised in this deal by Goldman Sachs International, KPMG and Linklaters.

Official Press Release Acerinox

Media Contact Lindsay Goldberg Vogel

Tobias M. Weitzel
BSK Becker+Schreiner Kommunikation GmbH
+49 (0) 2154 - 81 22 16
weitzel@kommunikation-bsk.de

Media Contact Acerinox

Iñigo Rodriguez Vicens
Head of Communications Acerinox
+34 913985130
inigo.rodriguez@acerinox.com