Voestalpine sells Buderus Edelstahl to Mutares

Voestalpine has sold its German subsidiary Buderus Edelstahl to the investment company Mutares in Wetzlar, Germany. With the sale, the Austrian steel group is reducing its tool steel and engineering steel business. The segment had come under increasing price pressure due to competition from outside Europe.

“With Mutares, we have found a prestigious investor with vast experience in managing companies during periods of transformation to take over Buderus Edelstahl. The sale is aimed at optimizing the High Performance Metals Division product portfolio, thereby strengthening its position in the global marketplace over the long term”, says Herbert Eibensteiner, CEO of Voestalpine AG.
“With the acquisition of Buderus Edelstahl, we are further strengthening our Engineering & Technology segment in the area of steel components and securing our own steel base”, comments Mutares CIO Johannes Laumann. Buderus will also benefit from the existing product range and broad customer structure. In the event of a possible need to reduce the workforce, a corresponding social plan would be negotiated with the employee representatives.
Buderus Edelstahl, a company with almost 300 years of history and part of voestalpine AG since 2007, is a leading manufacturer of high-quality standard and special steels primarily used in vehicle manufacturing, plant and mechanical engineering, and tool and mold construction. In the business year 2023/24 the company generated revenue of EUR 362 million and has a current workforce of 1,130 employees (FTE). Source: Voestalpine