The Swedish company SSAB has announced the acquisition of Tibnor, based in Poland. According to an SSAB announcement, the deal will strengthen the steel company’s position in Central and Eastern Europe.
"By combining SSAB's and Tibnor's strengths, we can create an even stronger foothold on the market in a strategically important part of Europe," says Mikael Nolborg, head of Value Added Services within SSAB’s EMEA business area.
SSAB is obtaining an opportunity to grow further on an expanding market and the investment will also support the introduction of new directly quenched hot-rolled products on the market. In total, the new company in Poland will have some 40 employees and be based primarily in Wroclaw and Warszawa, Poland.
"With a strong service offering and a joint team lineup, we will be able to better meet and satisfy the customer's needs. Wroclaw will become our portal to Central and Eastern Europe, where we can offer further developed distribution, processing, as well as advanced solutions," says Nolborg.
The formal takeover will take place on April 1, 2011.
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