Tibnor to acquire Finnish steel distributor
Swedish specialty steel manufacturer SSAB has announced that its distributor subsidiary Tibnor has signed an agreement to acquire Finnish steel distributor Ovako Metals Oy as part of a strategic move to strengthen its presence in the Scandinavian market and expand its product range.
Ovako Metals Oy's revenue in 2024 amounted to about 40 million euros, and the company employs about 40 people. Upon completion of the acquisition, Tibnor will reportedly take over management of the company's distribution operations, including its product range, logistics and warehousing activities, processing services, and local sales departments.
The acquisition must be approved by competition regulators in Finland, and SSAB and Ovako expect the transaction to be completed during the first quarter of 2026, after obtaining approval from the relevant authorities.
Fredrik Haglund, CEO of Tibnor, described the agreement as consistent with the company's growth strategy aimed at expanding its presence in Finland while increasing the level of service and product range in the region.
The planned acquisition marks a key step for SSAB's distribution network in the Nordic and Baltic countries, reflecting a broader consolidation of steel and steel product supply chains to expand market reach and enhance competitiveness.
Author: SteelOrbis Editorial Team
Steelorbis.com