German company Max Aicher has purchased Pilsen Steel, the bankrupt forged steel Czech company that has a 70-150,000mt per annum electric arc furnace and a ASEA-SKF ladle furnace.
Pilsen Steel employs 570 people who and had sales totaling €239 million ($268.5m) 12 years ago, which encouraged Max Aicher to pull the trigger on the transaction. However, the company has fallen on hard times, with its largest creditor, Vneshekonombank, assuming ownership since 2014.
Pilsen, which provides for the shipbuilding, power generation and nuclear industries, in addition to rolling mills. In 2018, the company’s sales totaled €32.7m and its EBITDA was negative at €23.1m.
Financial terms of the deal weren’t disclosed.