India’s Tata Steel completed the part-sale of its European assets on Wednesday, safeguarding 4,800 jobs, though thousands more remain threatened with no buyer found for the rest of the business.
Tata Steel UK announced completion of the sale of its European piping business to Greybull Capital, a British-based family investment firm for an undisclosed sum. The deal, hailed by Tata, the British government and unions, means the return of the British Steel brand for the first time since 1999.
“From today, the Long Products Europe business ... will trade under the name of British Steel,” Tata Steel UK said in a statement. “All together, the business employs 4,800 people — 4,400 in the UK and 400 in France. The sale follows an accelerated process of negotiations between Tata Steel UK and Greybull Capital.”
Britain’s government has been racing to find a buyer for Tata’s U.K. assets — and save around 16,000 jobs — after the company’s shock announcement in March that it was selling because of a global oversupply of steel, cheap imports into Europe, high costs and currency volatility.
Nenhum comentário:
Postar um comentário