Taiwan Huaxin Lihua spent 225 million euros to purchase 70% of the stock rights of Cogne Acciai Speciali (CAS), a European stainless steel rod and pan yuan factory, from the Italian Marzorti family. Recently, it passed the approval of the Italian cabinet head for the merger and acquisition of specific industries. Previously, the equity acquisition case was approved by the Taiwan "Investment Review Commission of the Ministry of Economy" and the "Fair Trade Commission" on September 26 and 28. The transaction is expected to complete the delivery procedure before the end of the year, and will be included in the consolidated revenue from the first quarter of 2022.



CAS is a large Italian stainless steel rod and pan yuan factory. It has set up sales bases in 15 countries around the world, with an annual production capacity of about 220000 tons. Among them, the automotive industry has been certified as automotive steel by German automotive manufacturers such as BENZ and BMW, with a revenue of 700 million euros and a profit of nearly 40 million euros last year. At present, Huaxin Lihuas annual stainless steel production capacity on both sides is more than 500000 tons. After the acquisition of CAS, its annual production capacity will increase to more than 700000 tons. At that time, Huaxin Lihua will become the leader in the global stainless steel bar and pan yuan market.