Acerinox S.A., a stainless steel manufacturer based in Spain, acquired Germany’s VDM Metals Holding GmbH, a producer of specialty alloys, for approximately $585 million. The deal will allow Acerinox to diversify into growing markets such as aerospace, medical and oil and gas. VDM Metals develops and manufactures nickel, cobalt and zirconium alloys. The company also supplies sheets, strips, bars, rods, wires and welding fillers. Acerinox operates six manufacturing facilities on four continents and has an annual melting output of 3.5 million metric tons.

Following completion of the transaction, which is expected to close in the first quarter of 2020, Acerinox will focus its efforts on the integration of both companies.