voestalpine agreed to sell all of its shares (100%) in the Flamco Holding and Flamco Stag Behälterbau, headquartered in Bunschoten (NL) to Aalberts Industries, headquartered in Langbroek (NL). The decisive factor behind the divestment was Flamco’s increasingly strong divergence from core strategic business of the technology and capital goods group voestalpine. The sale is scheduled to be closed by the end of July.
Flamco has been a member of the voestalpine Group’s Metal Forming Division for over a decade and it develops, produces and markets branded quality components for HVAC systems worldwide. Flamco has production facilities in the Netherlands, Germany, UK, and China and generated annual revenues of around EUR 125M.
voestalpine is disposing of the Flamco Group for purely strategic reasons. Although the HVAC specialist has some involvement in steel processing, Flamco’s activities do not reflect the Group’s core strategic business. Due to a lack of synergies within the Metal Forming Division and significant differences in its portfolio compared to the other Division companies, voestalpine has finally decided to divest itself of this business. For Aalberts Industries, a listed group of around 150 companies with 12,000 employees in over 30 countries, this acquisition serves as a good strategic move to expand their Climate Control portfolio.
