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International industrials and metals group, Liberty House, has entered into exclusive negotiations with Tata Steel UK to acquire its Speciality Steels business for a total consideration of 拢100 million.

天博体育官方网站 business, based largely in South Yorkshire, with service centres in the West Midlands and Lancashire, manufactures a range of high-value speciality steel products for the automotive and aerospace sectors.

天博体育官方网站 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. 天博体育官方网站 planned deal, in combination with Liberty’s existing industrial foot print in the UK, would establish the group as one of Britain鈥檚 most significant steel and engineering employers.

天博体育官方网站 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. This globally leading business also has distribution facilities in China.

天博体育官方网站 acquisition would be a significant step in realising Liberty鈥檚 GREENSTEEL vision which promotes widespread melting and upcycling of UK domestic scrap metal, using arc furnaces powered from renewable energy sources.

Sanjeev Gupta, executive chairman of the Liberty House Group said: 鈥淲e 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.鈥�

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.

Macquarie Capital (Europe) Limited is acting as Financial Advisor to Liberty House.

天博体育官方网站 planned purchase of Tata Steel鈥檚 Speciality Steels business is the latest in a succession of key acquisitions and business turnarounds undertaken by Liberty House over the past year. 天博体育官方网站se have included major assets in South Wales, the West Midlands, Scotland and Kent.