LONDON, February 1, 2012 /PRNewswire/ --
In a video interview the CEO of Finnish steel maker Outokumpu, Mika Seitovirta, said the decision to buy ThyssenKrupp's stainless steel division Inoxum would create benefits for the group's customers and value for its shareholders.
Mr Seitovirta said the EUR2.7bn deal, designed to create the world's leader in stainless steel production, would "create a lot of synergies which we are not able to create as standalone companies." He added that Outokumpu's biggest shareholder, Solidium, is "fully supporting" the combination.
While he acknowledged there would be job losses - around 1,500 people - he emphasised that the deal would create "much better job security" for 20,000 people.
He said with shareholder approval he hoped to have the transaction completed by the end of the year. "We will seek the support of the investors for the transaction and for the rights issue. We will explain to them the industrial logic and the growth opportunities that the new combined entity has."
The interview and transcript are available now on http://www.cantos.com.
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