Happy ending for one of the industries that inherited the iron and steel activity of the old Altos Hornos de Sagunto (Valencia). lThe Thyssenkrupp Galmed plant will maintain its activity with a new owner. OH Equity Investments, the investment vehicle of businessman Oscar Heckh, president of the group Network Steel Resources (NSR)signed the agreement this Monday to acquire the production facility.
This closes a process that has involved months of negotiations and clears the future of the Valencian factory, which was up in the air after The German metal giant announced just over a year ago its intention to close the Spanish galvanizing plant. A decision framed in strong internal crisis due to the fall in production in Europe due to its high costs and the large losses of the German group.
Although it had been taken for granted for days, OH Equity Investments has announced the signing of the agreement with Thyssenkrupp to formally acquire 100% of Galmed. The entirely Spanish capital firm is the investment vehicle of the group’s president Network Steel Resources (NSR), which includes, among others, the Coated Solutions brandone of Europe’s leading manufacturers of prepainted coil.
Galmed, which manufactures galvanized steel primarily for the automotive sector, has a staff of close to 120 workers. The sale operation to OH has been sponsored by the Ministry of Industry and also has the support of the Generalitat Valenciana and the Sagunto City Councilwho were looking for a future solution for the Saguntina factory after Thyssenkrupp announced its closure a year ago.
Expand and diversify markets
The new owner’s plans for Galmed go through diversify its galvanized production and expand and strengthen its geographical sales areas. According to its new owners, its activity is strongly complementary to that of León Coated Solutions, which “in turn will be able to accelerate the transformation in which it is immersed in its galvanizing line through know how that Galmed can contribute in this area, particularly in products made from zinc-magnesium”.
Galmed facilities have a production capacity of 350,000 tons per year. Its sales are directed mainly to the national market and the automotive sector.
The purchasing group already has an important presence in the Sagunto area where it owns Ibersteel, Plafesa group service center. Its Valencian center specializes in the cutting and marketing of steel sheet and strapping, and has been the subject of significant investments in recent years to increase its production capacity.
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