Hungary's D and D Drotaru has been acquired by Czech peer Trinecke Zelezarny, making it the biggest maker of steel wire and reinforcement bars in Central and Eastern Europe, Czech weekly Tyden reported in its fresh issue.
The price of the transaction as well as the amount to be spent on restructuring D and D Drotaru were not revealed, but Tyden learnt that Trinecke Zelezarny is spending several hundreds of millions koruna on the deal.
D and D Drotaru was recently sold to two members of Slovakia's CTY group, but Tyden said Trinecke Zelezarny acquired the company from a third party.
D and D Drotaru, based in Miskolc (NE Hungary), turns out about 100,000 tons of product a year. It exports 80% of its output.
Trinecke Zelezarny, earlier one of D and D Drotaru's trading partners, is the Czech Republic's second-biggest iron works. The company has made losses for three years but expects to turn a profit in 2011.