2003

New press line for closed-die forgings

The biggest single investment in the company's history, totalling € 17.5 million, automatic press line 1 came on stream in March. The new plant, which also increased the capacity of the closed-die forge, produces sophisticated forgings involving sophisticated forming, such as shafts, steering knuckles and ring gears for commercial vehicles. On 8 May Robert Bosch GmbH made the shareholders of Buderus AG a public takeover bid at a price of € 29.15 per share, which was broadly approved. On 10 July the European Commission approved the takeover by Bosch of the majority holding of Buderus. This finalizes the acquisition. Bosch's holding is being further increased by purchases off the floor. The holding amounted to 97.16 percent as at 1 September. Crude steel production reached 414,700 tonnes, the highest level since the company's formation. The financial position of Edelstahlwerke Buderus was impaired by an extraordinarily high level of scrap metal and alloy prices, and major price increases for electricity and gas. Machined aluminium ingots and plate are being added to the product range of Deville Rectification-Buderus. Further emphasis is being placed on the education and training of the employees of Edelstahlwerke Buderus.