Turkish Akçelik Buys Stake in Tristar Steel in Romania
Romanian media Profit reported that Turkish group Akçelik bought the majority stake of Tristar Steel from Târgoviște, a manufacturer of chromed steel bars and pipes. The Turks took 58% of the shares from a group of Italian investors, paying over 350,000 euros. However, the Turkish group also pays an issue premium of over 1 million euros. The Italian Luciano Giol (32%) and Emilia Anton (10%) remained in the shareholders.
Tristar Steel manufactures hard chrome-plated steel bars and linear shafts in small diameters, ranging from 6 mm to 40 mm, with trade links around the world, especially in Germany, Italy and northern European countries. It has an annual production capacity of 3.5 million meters. Last year, the company had a turnover of 25.1 million lei and a loss of 6.3 million lei, with 63 employees. The Turkish group's plan is to double this capacity in 5 years.
Akçelik, founded in Izmir in 1978, opened its first steel plant in 1990. The company became a joint stock company in 2005 and opened distribution centers in Konya in 2006, in Ankara in 2012, in Kocaeli in 2013 and in Istanbul in 2014. In 2019, Akçelik upgraded all its cars, built integrated production lines with major investments and modernization in Industry 4.0 and increased its production capacity to 90,000 tonnes per year. Akçelik became even stronger when the company acquired the BWS Blankstahlwerk Sindorf GmbH in Kerpen, Germany, in 2020.