Frauenthal Holding AG, owner of Styria Group, a leading European manufacturer of spring components for trucks and commercial vehicles, will acquire the Billnäs Spring Works from Imatra Steel. Under the terms of the agreement signed today, Styria Group takes over the operations and assets of the Billnäs Spring Works on 31 July 2003.
The agreement strengthens Billnäs Spring Works’ position as a manufacturer of high-quality spring components. The unit, with 118 employees, generated net sales in 2002 totalling EUR 13.7 million. Styria Group’s net sales in 2002 amounted to EUR 93 million and it has altogether 646 employees, who work in Austria, France, Germany and Slovenia.
Imatra Steel, a wholly owned subsidiary of Wärtsilä Corporation, will henceforth concentrate on manufacturing and marketing long special engineering steels and forged components for the truck industry.
Imatra Steel comprises the Imatra Steel Works and the Kilsta and Scottish Stampings forges. Following this divestment Imatra Steel will have annual net sales of approximately EUR 200 million and roughly 1200 employees.