Imatra Steel strengthens its position as a component manufacturer

Wartsila Corporation
  • Press release
6 November 2001 at 2:01 AM E. Europe Standard Time

Wärtsilä Corporation, Press release 6 November 2001

Imatra Steel has acquired a forge in Ayr, Scotland. The acquisition will strengthen the position of Imatra Steel’s subsidiary, Imatra Kilsta, as one of the world’s leading manufacturers of heavy forgings for the heavy truck industry. The forge, with 200 employees, is expected to have net sales this year totalling EUR 22 million. The forge’s result of operations in the first half of the year was positive.
The seller is United Engineering Forgings (in administration), which is selling the operations of the forge as well as its fixed assets and inventories.

Imatra Steel has established a company in Scotland called Imatra Stampings Ltd to own the forge. The forge’s main product is front axle beams for trucks. Its product range will supplement Imatra Kilsta’s products. Imatra Steel took over the forge on 6 November 2001.

Imatra Steel manufactures special engineering steels and steel components for the European automotive and mechanical engineering industries. Its net sales in 2000 totalled EUR 194.1 million and it has 1,280 employees. Imatra Steel is a part of the Wärtsilä Group.

Kari Tähtinen
President
Imatra Steel Oy Ab
Direct tel: +358-9-70 95 302
e-mail:kari.tahtinen@wartsila.com