Italy merger

AvestaPolarit has signed a letter of intent to purchase Commerciale Acciai SpA, who has been an exclusive distribution agent for AvestaPolarit’s Tornio mills in the Italian market since 1976. Due diligence will take place during September and the completion of the purchase is expected by early October. The combination of the current AvestaPolarit sales force and service centre activities in Italy with those of Commerciale Acciai will provide a strong platform for the future. Subject to the successful completion of the purchase Andrea Gatti,
currently Managing Director of Commerciale Acciai Spa, will become the Managing Director of the joint companies of AvestaPolarit Spa. And Commerciale Acciai Spa. Richard Provençal, currently Managing Director of AvestaPolarit, will become Group Manager – Market Development, Southern Europe, reporting to Executive Vice President, Group Marketing and R&D, Kari Saarinen.

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