SteelcoBelimed Joint Venture Officially Launched

Metall Zug AG has announced the completion of a joint venture between Belimed Infection Control, Belimed Life Science, and Steelco, forming the new entity SteelcoBelimed. The transaction, finalized on June 7, 2024, is projected to yield a one-off EBIT-impacting book gain of CHF 65-70 million for Metall Zug.

The newly established company, headquartered in Zug, integrates the strengths and resources of its constituent firms to become a leading provider in the Infection Control and Life Science markets. SteelcoBelimed will leverage Steelco's fast innovation cycles and Belimed's premium portfolio to enhance its offerings and focus on operational efficiency.

Total net sales for the combined company amounted to CHF 487 million in 2023, with the entity employing approximately 2,100 people. Operations will be conducted through a production network across Italy, Switzerland, and Slovenia. Metall Zug holds a 33% stake, while Miele controls 67% of the joint venture.