Acerinox, a stainless steel manufacturer based in Spain, acquired Germany’s VDM Metals, a global supplier of metals. The transaction, which is valued at approximately $570 million, has received approval from the European, U.S. and Taiwanese competition authorities. VDM has seven production plants in Germany and the U.S. The new group company will be a global leader in the development and manufacture of special nickel alloys and high-performance stainless steels.

The activities performed and products manufactured by Acerinox and VDM in their respective fields complement each other, and the transaction has clear manufacturing, sales and distribution benefits for both companies.