Liberty House, International industrials and metals group, has recently entered into exclusive negotiations with Tata Steel UK to acquire its Speciality Steels business for a total consideration of GBP 100M. The acquisition would secure the jobs of around 1,700 steel-workers at major production facilities in Rotherham and Stocksbridge, a mill in Brinsworth and at service centres in Wednesbury and Bolton, plus thousands more in the UK supply chain.
The Speciality Steels plants specialise in manufacturing carbon, alloy and stainless steels for highly-demanding applications, with all of the output derived from recycled steel, melted in electric arc furnaces.
Sanjeev Gupta, executive chairman of the Liberty House Group said: âWe look forward to working with Tata Steel over the coming weeks to complete this hugely important milestone transaction. We recognise the world-class skills of the Speciality Steels workforce and are eager to join with them to develop the business and increase market share, both domestically and internationally using our global presence. As part of that process we will now engage fully with the trade unions and the local community. We are counting on their full support.â?
Completion of the acquisition is subject, among other things, to confirmatory due diligence, and obtaining any merger clearances and definitive acquisition documentation. Liberty House and Tata Steel expect the acquisition to complete early in the first quarter of 2017.
