Nov. 27, 2019 - Gerdau informs that signed today a definitive agreement to acquire the Latin American Steel SA (Silat) belonging to the Spanish group Hierros Añón, located in Caucaia in the metropolitan region of Fortaleza, Ceará State, by a economic value of US $ 110.8 MM, subject to customary adjustments in the value of the acquisition.
With this transaction, which is pending approval of the Administrative Council for Economic Defense (Cade) and check other customary conditions precedent, Gerdau now holds 96.35% of the shares of Silat. The other 3.65% belong to the Economic Development Agency of the State of Ceará (Adece).
The Silat has 233 employees, including employees and contractors, and has an annual installed capacity of rolling 600 tons and expanded plant with an annual capacity of 100 thousand tons.
"This acquisition is part of our strategy to serve our customers better and better. Gerdau already has a major operation in the State of Ceará, which will allow gains and synergies with the operation of Silat. We continue to believe in the resumption of the internal market and this acquisition strengthens our optimism about the Brazilian economy " , said Gustavo Werneck, CEO of Gerdau.