Lucchini sells 100% of Ascometal to Apollo
Piombino, October 31, 2011 – Today in London Lucchini close the disposal of 100% of the share capital of Ascometal S.A. to Captain BidCo SAS, a French company owned by funds affiliated with Apollo Global Management, LLC (NYSE: APO; together with its affiliates, "Apollo").
LUCCHINI SELLS 100% OF ASCOMETAL TO APOLLO
Piombino, July 15, 2011
Lucchini S.p.A. (“Lucchini” or the “Company”) today announced that it has reached an agreement to sell 100% of the share capital of Ascometal S.A. to Captain BidCo SAS, a French company owned by funds affiliated with Apollo Global Management, LLC (NYSE: APO; together with its affiliates, “Apollo”).
Lucchini intends to use the proceeds from the sale to reduce indebtedness as part of a refinancing of the Company’s bank facilities and for general corporate purposes.
Gareth Turner, Senior Partner of Apollo Management said, "We are delighted to have reached agreement to acquire Ascometal which is a premier company in the specialty metals industry and a true franchise business. Our investment in Ascometal is consistent with our approach of investing in sectors in which we have considerable knowledge and experience and in companies in which we believe we can add significant value. We are looking forward to working with management to continue to strengthen and build the company in the future".
Marcello Calcagni, Lucchini Group CEO, said, "We are very pleased with the agreement reached with Apollo which will ensure the ability to strengthen and develop Ascometal and will also enable Lucchini to reduce its debt and have the cash needed to start immediately the search for an industrial partnership for the Italian operations of the Group".
Terms of the transaction were not disclosed. The transaction is contingent upon certain regulatory approvals and is expected to be completed during the fourth quarter of 2011.
Deutsche Bank AG acted as financial advisor to Lucchini in relation to this transaction. BofA Merrill Lynch and Morgan Stanley provided financing and acted as financial advisors, DC Advisory acted as financial advisor and Wachtell Lipton and Clifford Chance acted as legal advisors to Apollo in relation to this transaction.
About Apollo Global Management
Apollo is a leading global alternative asset manager with offices in New York, Los Angeles, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of $70 billion as of March 31, 2011, in private equity, credit-oriented capital markets and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.
Lucchini becomes supplier for the Turkish railways
Piombino, Italy - May 11, 2010.
Lucchini SpA, company specialized since 1909 in rails and rolled products , signed recently with the Turkish National Railways TCDD a contract for the supply of 125,000 tons of rails. They are section 60 E1and 49 E1 36 meters, produced with steel R260, the same used for European rail networks and high speed lines. In Turkey there are now present over 10,000 km of railways and the supply will cover both maintenance of existing national lines and the development of new high-speed lines. The agreement will last a year and a half and will take up the rail mill until 2011. Rails will be sent directly from the Piombino plant internal port, strategic asset of the Group.
Marcello Calcagni becomes Chief Executive Officer of Lucchini Group
Brescia, Italy - December 1st, 2009.
The Board of Lucchini Group, the European segment of Severstal International, today announces that they have approved the nomination of Marcello Calcagni to become Chief Executive Officer of Lucchini Group, with effect from January 1, 2010. Marcello Calcagni joined Lucchini Group as Director of the Piombino Business Unit in 2006. In September 2009 he was promoted to Chief Operating Officer of the Lucchini Group. Prior to joining Lucchini Group, Mr. Calcagni held senior management positions at Tristeel, Duferco Clabecq, La Louviere, and Ilva.
Marcello graduated from the Polytechnic University of Bari. Hervé Kerbrat, currently Chief Executive Officer will stay in his current role until the end of December to ensure a smooth transition. Sergei Kuznetsov, Chief Executive Officer of Severstal International, commented: "On behalf of Lucchini Board and senior management of OAO Severstal I would like to thank Hervé for his hard work, dedication and remarkable contribution to success of the Lucchini Group and wish him well for the future.
Marcello has extensive industry experience and I am confident that his knowledge and expertise will help our European operations achieve superior position in the market by offering best in class products and services while striving for cost leadership”.