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Coats Takes Over Patrick Yarn Mill

by wireworld on 12/11/2017 - 10:45 am
Tag: Acquisitions

Coats Group has acquired Patrick Yarn Mill, a manufacturer of high-performance engineered yarns based in North Carolina. The initial consideration is US$21m, with further payments of up to US$4m over a three year period to 2020, contingent on Patrick Yarn Mill achieving certain performance targets. Coats said the acquisition would be funded from operating cash flows and existing debt facilities. Patrick Yarn Mill specialises in cut-resistant and flame retardant yarns. It also produces yarns from recycled fibres marketed under its earthspun trademarks and with its large solar installation promotes its earth friendly yarns as 'Spun by the Sun'.

SAIL-ArcelorMittal Automotive Steel T...

by wireworld on 12/10/2017 - 06:58 pm
Tags: Press Releases, Projects

Union Steel Minister Chaudhary Birender Singh announced that a joint venture between steel giants SAIL and ArcelorMittal to produce high-end automotive steel will be signed soon, with about Rs15,000 crore investment.

“They (ArcelorMittal) have the technology and they are keen to have a JV with SAIL. That is at a stage where things would click within few days or within one or two weeks’ time. The JV is yet to be signed but I can say 99 per cent of the formalities have been completed,” the minister told reporters in Hyderabad.

Singh said offers have come from the Gujarat and Andhra Pradesh governments for the site of the plant, but the government favoured Andhra Pradesh due ...

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Al Ittefaq Is Looking At UAE Market A...

by wireworld on 12/10/2017 - 06:42 pm
Tag: Press Releases

Major domestic rebar producer, Al-Ittefaq Steel Products Company (ISPC) has obtained certificate from Dubai authorities in order to export rebar to UAE.

According to the company, Dubai Central Lab approved the rebar of ISPC for grades BS 4449:2005 + A3:2016 & ASTM A615:2013 Gr-60 and Gr-75. The approval opens up UAE market for the company, which is already exporting to different countries in North Africa and elsewhere after the Saudi authorities allowed rebar exports.

ISPC is the second largest steel manufacturer in Saudi Arabia, having 3 rolling mills in Dammam and 2 rolling mills in Jeddah with a combined total production capacity of 2.5 mln tons of rebar and wire rod. It has DRI-EAF ...

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Prysmian's New Challenge: The Group W...

by wireworld on 12/05/2017 - 04:51 pm
Tag: Acquisitions

Prysmian Group and General Cable Corporation have announced that they have entered into a definitive merger agreement under which Prysmian will acquire General Cable for $30.00 per share in cash. The transaction values General Cable at approximately $3 billion, including debt and certain other General Cable liabilities, and represents a premium of approximately 81% to the General Cable closing price of $16.55 per share on July 14, 2017, the last day of trading before General Cable announced its review of strategic alternatives.

The transaction, which has been unanimously approved by each company’s Board of Directors and recommended to its shareholders by General Cable’s Board of ...

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