Fortaco completes the sale of its heavy project business in Hungary
Fortaco will specify the impact of this transaction to its financials in its Half-year report 2024 that will be published on 26 August 2024.
On 10 May 2024, Fortaco announced that it had signed an agreement to sell its heavy project business (Fortaco Zrt.) in Jászberény, Hungary to Cyclus GmbH (50%) and Ask US Management s.r.o. (50%). The transaction is part of the strategic evaluation of Fortaco’s marine, energy, and heavy project businesses announced on 28 February 2024.
The transaction was subject to the approval of Fortaco’s bondholders and some customary closing conditions. As Fortaco’s bondholders have now approved the transaction and the other customary closing conditions have been met, the transaction has been successfully completed on 28 June 2024. Fortaco’s former heavy project business will continue its operations under the new owner under the name Steel Construction Partners Zrt.
Fortaco will specify the impact of this transaction to its financials in its Half-year report 2024 that will be published on 26 August 2024.
