The Turkish Akçelik Group has sold all its shares in the company Tristar Steel from Târgoviște, a producer of chrome-plated steel bars and pipes, to the German company Exxellin, one of the most important producers of linear systems in Europe, Profit.ro reports.
Akçelik bought the majority stake in Tristar in 2021. The Turkish group then took over 58% of the shares from a group of Italian investors, paying over 350,000 euros. However, the Turkish group also paid a share premium of over 1 million euros.
The remaining shareholders are Italian Luciano Giol (32%) and Emilia Anton (10%), according to termene.ro. Now, after the new transaction, the Turkish company’s cooperation with Exxellin will continue, and Akçelik will continue the production and supply of raw materials under the Tristar brand.
Tristar Steel produces hard chrome steel bars and linear shafts in small diameters, ranging from 6 mm to 40 mm, with commercial connections worldwide, especially in Germany, Italy and the countries of northern Europe. It has an annual production capacity of 3.5 million meters.