Triton completes sale of Ovako
Stockholm (Sweden) / Tokyo (Japan), 4 June 2018 - Funds advised by Triton ("Triton") have successfully completed the sale of Ovako AB ("Ovako"), a leading European producer of engineering steel to, Nippon Steel & Sumitomo Metal Corporation (“NSSMC”), one of the world's largest steel producer by volume as of 2017. The parties have agreed not to disclose the terms of the transaction.
Triton acquired Ovako coming out of the financial crisis in 2010. During Triton’s seven-year ownership period, the management and board of Ovako have worked together on a number of improvement initiatives with the aim of strengthening Ovako’s position as one of the leading European producers of engineering steel. Key improvement initiatives include clear segment strategies, increased production efficiency, employee safety programs, and investments in product development, establishment of a new global sales organization and the launch of digital tools to improve the sales process.
Ovako develops high-tech steel solutions for, and in cooperation with, its customers in the bearing, transport and manufacturing industries. Ovakos steel makes customers end products more resilient and extends their useful life, ultimately resulting in smarter, more energy-efficient and more environmentally-friendly products.
Ovakos production is based on recycled scrap and includes steel in the form of bar, tube, ring and pre-components. Ovako has over 3,000 employees in more than 30 countries. Ovako’s sales in 2017 amounted to EUR 921 million. Since June 2018, Ovako is part of the Japanese steel corporation Nippon Steel & Sumitomo Metal Corporation that employs 92,000 globally and has a revenue of EUR 37 billion. For more information, please visit www.ovako.com and www.nssmc.com.
The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe, focusing on businesses in the Industrial, Business Services and Consumer/Health sectors.
Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 36 companies currently in Triton's portfolio have combined sales of around €13.2 billion and around 89,000 employees.
The Triton funds are advised by dedicated teams of professionals based in Germany, Sweden, Norway, Finland, Denmark, Italy, the United Kingdom, the United States, China, Luxembourg and Jersey.
For further information: www.triton-partners.com