Acerinox acquires Haynes, American alloys company, for 740 million euros

//

News Team

Acerinox, a Spanish steel group, has recently acquired American Haynes International for 61 dollars per share, totaling 798 million dollars. The acquisition is expected to bring in synergies of around 66 million euros. The sale agreement is set to be accepted by the majority of Haynes shareholders in April 2024, making the American alloys company 100% owned by North American Stainless (NAS), a subsidiary of Acerinox.

The acquisition will not change Acerinox’s dividend policy and is expected to close in the third quarter of 2024, pending approval from Haynes shareholders and regulatory authorities. The agreement will also require authorization from competition authorities in the United States and the Foreign Investment Committee of the country.

With this acquisition, Acerinox aims to strengthen its presence in the North American market, planning to invest nearly 185 million euros over the next 4 years to support growth and modernize operations. The purchase also supports Acerinox’s strategy towards a portfolio of products with greater added value and expands its exposure in the aerospace sector.

Acerinox has expressed its support for the workforce through a new investment plan in the country. Haynes International, headquartered in Kokomo, Indiana, is one of the largest producers of alloys based on Nickel and cobalt resistant to corrosion and high temperatures, with three factories in the United States and 11 offices spread across North America, Europe, and Asia.

The acquisition aims to integrate Haynes into Acerinox’s stainless platform, create additional value through the expansion of combined US operating capabilities, achieve a broader offering of solutions for the industry, and create value for shareholders. This strategic move is expected to improve Acerinox’s margins and increase its position in the global market for high-performance alloys.

Image Source: www.infobae.com

Business, World, Finance

Leave a Comment