EQS-News

Fifth exit in 2023: Mutares has signed an agreement to sell Special Melted Products to Cogne Acciai Speciali for an enterprise value of approximately EUR 180 million

EQS-News: Mutares SE & Co. KGaA / Key word(s): Disposal Fifth exit in 2023: Mutares has signed an agreement to sell Special Melted Products to Cogne Acciai Speciali for an enterprise value of approximately EUR 180 million 05.05.2023 / 09:00 CET/CEST The issuer is solely responsible for the content of this announcement. Fifth exit in 2023: Mutares has signed an agreement to sell Special Melted Products to Cogne Acciai Speciali for an enterprise value of approximately EUR 180 million

• Expected fifth exit in the current year
• Transaction expected to close in Q2 2023
• Cogne Acciai Speciali to strengthen its market position with SMP business
• Successful implementation of full-scope turnaround in very short period
• Transaction will mark significant exit for Mutares starting to harvest the growth path of the last 3 years
• Net proceeds of up to EUR 150 million expected

Munich, 5 May 2023 – Mutares SE & Co. KGaA (ISIN: DE000A2NB650) has signed an agreement to sell its portfolio company Special Melted Products Ltd. (SMP) to Cogne Acciai Speciali S.p.A. (CAS). The closing of the transaction, subject to merger controls and National Security and Investment Act (NSIA) approval, is expected in the second quarter of 2023. Taking into account deductible items, variable compensation and transaction costs, the company expects an inflow in the three-digit million range of up to EUR 150 million.

Based in Sheffield, UK, SMP is a leading manufacturer of premium, specialty steels and nickel-based Super Alloys used in critical applications in the Aerospace, Oil & Gas and Nuclear industries. After the acquisition from Allegheny Technologies Incorporated (ATI), the company’s local management, together with the Mutares team, successfully implemented a full scope of turnaround measures, including cost and working capital optimization programs, manufacturing and system improvements as well as further product diversification and business development actions. In less than one year these measures led to significant growth in both revenue and profitability and put SMP today at an enterprise value of approx. EUR 180 million.