SSAB becomes full owner of Tibnor
May 24, 2011 8:30 CEST 6 min read
SSAB is becoming the full owner of the steel and non-ferrous metals distributor Tibnor. This is taking place by SSAB, which currently owns an 85% stake in the company, acquiring Outokumpu’s 15% minority stake.
Tibnor is a leading steel and non-ferrous metals distributor in Sweden and the rest of the Nordic region, and also has a subsidiary in Latvia.
“Tibnor is an important channel for reaching our customers on our Nordic domestic market and we see that the company possesses good development potential,” says SSAB’s President and CEO Martin Lindqvist.
SSAB is paying EUR 44 million in cash for Outokumpu’s 15% stake. The sale is not expected to impact on customer relations between Outokumpu and Tibnor, which markets and sells products from many different suppliers.