LONDON, February 1, 2012 /PRNewswire/ --
In a video interview the CEO of Finnish steel maker Outokumpu, Mika Seitovirta, said
the decision to buy ThyssenKrupp's stainless steel division Inoxum would create benefits
for the group's customers and value for its shareholders.
Mr Seitovirta said the EUR2.7bn deal, designed to create the world's leader in
stainless steel production, would "create a lot of synergies which we are not able to
create as standalone companies." He added that Outokumpu's biggest shareholder, Solidium,
is "fully supporting" the combination.
While he acknowledged there would be job losses - around 1,500 people - he emphasised
that the deal would create "much better job security" for 20,000 people.
He said with shareholder approval he hoped to have the transaction completed by the
end of the year. "We will seek the support of the investors for the transaction and for
the rights issue. We will explain to them the industrial logic and the growth
opportunities that the new combined entity has."
The interview and transcript are available now on http://www.cantos.com.
MerchantCantos produces in-depth interviews, documentaries and webcasts with senior
company executives. If you would like to contact us, please email
prnsupport@merchantcantos.com or phone +44-207-936-1352.
