Cronimet, TSR Group Form Joint Venture

The Cronimet Group and the TSR Group have formed a joint venture called Cronimet Ostrava s.r.o. in the Czech Republic. Cronimet says that the creation of the joint venture is a move to strengthen its stainless steel business by expanding to the Czech Republic.

Both Cronimet and TSR will concentrate their business activities with alloyed scrap in the Czech Republic at the premises of TSR’s Czech Republic in Ostrava.

“As well as for TSR and Cronimet the startup company conspicuously strengthens our market position in the region. For Cronimet, the step to the Czech Republic is a further component of the growth strategy in central- and eastern Europe,” says Kai Lohmann, managing director of Cronimet Holding GmbH.

The Cronimet Group will retain 60 percent of the joint venture; the TSR Group will control 40 percent of the shares of the business of Cronimet Ostrava.

Cronimet hopes to grow its retail market and recycling business with the joint venture. The company expects to continue to invest in Eastern and Central Europe.

Cronimet, founded in 1980, has 50 locations worldwide with over 4,000 employees.