Leading international plant engineering company for the metals industry SMS group has acquired the remaining 40.8% of Paul Wurth SA. These shares were previously held by the Luxembourg state and state owned banking organizations. As such, SMS has become the sole owner of Paul Wurth's plant engineering business, strengthening its competence in metallurgy and hydrogen technology. With this step, the Luxembourg site will be expanded to become the research and development center for decarbonisation and recycling within SMS group. To this end, SMS and Paul Wurth are pooling their research and development activities with the common aim of continuing to set technological standards in these forward-looking fields. The future range of services includes all technologies for reducing CO2-emissions in existing steel mills; hydrogen-based, CO2-free direct reduction of iron ore; and Power-To-X technologies for producing synthetic fuels and downstream products. In addition, the international teams of experts from SMS and Paul Wurth will continue to work on expanding the product and service offering across the entire metals industry process chain. As part of the transaction, a strategic partnership was also agreed with the University of Luxembourg to strengthen scientific research and development of hydrogen technologies at the Luxembourg site. With financial support from Paul Wurth, the university has already established a chair for energy process technology. Paul Wurth's real estate activities in Luxembourg will be transferred to a new company in which the Luxembourg public shareholders and SMS will each hold stakes.
Leading international plant engineering company for the metals industry SMS group has acquired the remaining 40.8% of Paul Wurth SA. These shares were previously held by the Luxembourg state and state owned banking organizations. As such, SMS has become the sole owner of Paul Wurth's plant engineering business, strengthening its competence in metallurgy and hydrogen technology. With this step, the Luxembourg site will be expanded to become the research and development center for decarbonisation and recycling within SMS group. To this end, SMS and Paul Wurth are pooling their research and development activities with the common aim of continuing to set technological standards in these forward-looking fields. The future range of services includes all technologies for reducing CO2-emissions in existing steel mills; hydrogen-based, CO2-free direct reduction of iron ore; and Power-To-X technologies for producing synthetic fuels and downstream products. In addition, the international teams of experts from SMS and Paul Wurth will continue to work on expanding the product and service offering across the entire metals industry process chain. As part of the transaction, a strategic partnership was also agreed with the University of Luxembourg to strengthen scientific research and development of hydrogen technologies at the Luxembourg site. With financial support from Paul Wurth, the university has already established a chair for energy process technology. Paul Wurth's real estate activities in Luxembourg will be transferred to a new company in which the Luxembourg public shareholders and SMS will each hold stakes.
