The daily news bulletin for the informed wire & cable executive. Reaching a regular audience of 7733 readers in 101 countries. Wire & Cable Industry news Subscribe here for your automatic email   RESOURCES... - Exchange Rates - Info Links - Forex TV - Publication Policy - Email the Editor - Advertising September 7th, 2010  - Acquisitions Wallingford Connecticut - Borisch Manufacturing purchased by Amphenol Aviation electronics maker Borisch Manufacturing was quietly purchased by publicly-held electronics giant Amphenol Corp. in July. Terms of the deal were not disclosed, but Amphenol executives said they bought Kentwood-based Borisch for its expertise, not to dismantle and absorb. Based in Wallingford, Conn., Amphenol makes a wide range of "interconnect" products ranging from wiring harnesses used in cars and airplanes to high-definition television cables. Borisch's specialty has been serving defense contractors with wiring harnesses, circuit boards and other electrical hardware. Borisch Controller Daniel Hislop said the sale should mean good things for the Kentwood business. "All of our key people have signed on to stay for at least two years," he said. See Extended Story.. September 3rd, 2010  - Acquisitions Sao Paulo Brazil - Vale fails to win Paranapanema control in auction Vale, the world's largest iron ore miner, failed to win a controlling stake in junior Brazilian copper refiner Paranapanema after raising its bid for a majority stake in the company several times in a share tender on Wednesday. Vale started the auction with an offer of 6.30 reais per common voting shares and raised it to a final price of 6.75 reais, according to the BM&FBovespa exchange that hosted the auction. July 27th, 2010  - Acquisitions Carrollton Georgia - Southwire signs agreement to acquire Tappan Southwire Company has announced that it has purchased New York based Tappan Wire & Cable Inc. (“Tappan”). Tappan has headquarters and a manufacturing facility in Blauvelt, New York. “By integrating Tappan’s products and manufacturing capabilities within Southwire, we will be better positioned to meet the needs of our channel partners and customers” Tappan supplies the electronics, signal/control and industrial markets. Products include security and access control cable, coaxial video cable, fire alarm cable, plenum-rated cables, category cables, home automation/combination cables and commercial sound/intercom cable solutions. Tappan also makes a wide variety of specialty and custom electronics cables. The Tappan acquisition is a natural progression for Southwire. The addition of telecommunications and electronic cables solidifies Southwire’s position as an industry-leading manufacturer of portable cord products, while also adding to Southwire’s ability to offer differentiated, custom products that provide value-added benefits to end users. See Extended Story.. July 20th, 2010  - Acquisitions Mumbai India - Tata Steel arm sells 27% in Malaysia’s Southern Steel Berhad Tata Steel, the world's eight largest steel manufacturer, on Friday announced that its subsidiary Natsteel Holdings (P) has sold 27.03% stake in Southern Steel Berhad, Malaysia, for a total consideration of around $72 million (Rs 330 crore). “The sale is part of Tata Steel’s strategy of restructuring its portfolio and reconsidering its position in geographies where it does not have a majority control,” Tata Steel said in its statement to the Bombay Stock Exchange (BSE). See Extended Story.. July 17th, 2010  - Acquisitions Conshohocken Pennsylvania - Quaker Chemical buys Houghton aluminum hot roll unit Quaker Chemical Corp. said Friday it has acquired an aluminum hot rolling oil business from Houghton International in a move to expand its primary metals business. The D.A. Stuart business had 2009 sales of $7 million. Quaker Chairman, President and CEO Michael F. Barry said the aluminum hot rolling market has strong long-term growth prospects, especially in emerging economies such as Russia, South America, Eastern Europe, the Middle East and Asia. Quaker Chemical makes products and services for the steel, automotive, mining, aerospace, wire, tube and pipe, coatings and construction industries. For the year ended Dec. 31, the company posted sales of $451.5 million. Financial terms of the deal were not disclosed. July 13th, 2010  - Acquisitions Nuremberg, Germany - Leoni acquires fiber optics specialist in North America Leoni, a leading provider of cables and cable systems to the automotive sector and other industries, has, effective 1 July 2010, acquired the US-based company RoMack Inc. that specialises in optical fiber technology. In so doing, the Nuremberg cables group continues to pursue its strategy of strengthening its position in niche markets by means of acquisition. “The Leoni Group has with this acquisition resumed its acquisition activity, which we temporarily suspended because of the economic crisis. Our objective is to expand in fast growing and profitable niche markets,” Dr Klaus Probst, President and CEO of Leoni AG, states. “This acquisition of RoMack strengthens us in both regional and technological terms.” The purchase is being executed via subsidiary FiberTech USA Inc., which belongs to the Leoni Fiber Optics unit. It specialises in business involving optical fiber. See Extended Story.. July 10th, 2010  - Acquisitions Durban South Africa - Acquisition part of General Cable’s African footprint expansion. One of the largest power cable manufacturers, General Cable, has acquired its first factory in South Africa, through the acquisition of wire and cable manufacturer Phoenix Power Cable, The factory now operates as General Cable Phoenix South Africa (GCPSA). GCPSA manufactures medium- and high-voltage power cables, as well as overhead energy transmission and distribution cables. In the past 12 months, the business reported revenues of about $20-million. The former owners still hold a 10% interest in the business. General Cable marketing director for sub-Saharan Africa Thelma Battiss says that the global General Cable group of companies has 46 factories in 23 countries around the world, four of which are scattered across Africa. “General Cable has a vision to further expand its footprint in Africa and saw the need to broaden its manufacturing spectrum by acquiring Phoenix Power Cables,” she adds. Battiss explains that, with this latest acquisition, the company will have the capability to supply electric utilities in the region with locally produced energy transmission and distribution cables. General Cable is currently in the process of acquiring an additional factory in Southern Africa and will look to acquiring additional units in Western Africa and Eastern Africa. Battiss states that the takeover of Phoenix Power Cable by General Cable will also create more job opportunities and should benefit the communities in the surrounding factory area. June 19th, 2010  - Acquisitions Kolkata India - ArcelorMittal might acquire stake in Ramsarup Local rumours suggests that ArcelorMittal, is eyeing a stake in the Kolkata-based steel and wire producer, Ramsarup Industries. Ramsarup has two iron ore leases in Orissa. It acquired Balasore Minerals in 2008, which came with iron ore, limestone and dolomite mines. Sources in Ramsarup said the company was in discussion with global companies, including ArcelorMittal, for a strategic stake in their company. An ArcelorMittal spokesperson said, “We don’t comment on market rumours.” The deal, if it happens, could have a mezzanine structure, where convertible warrants would be issued and on conversion would translate into a 25 per cent equity. Later, the strategic investor could raise holding in the company. Industry sources said for ArcelorMittal the mining leases would make more sense than acquiring a small steel and wire producer. See Extended Story.. June 10th, 2010  - Acquisitions Mumbai India - Hindalco contemplates copper mine acquisition in Australia Asia's largest aluminium producer, Hindalco, is looking at acquiring a copper mine in Australia and has also plans to revive their defunct company Mt Gordon Copper Operations "Our objective is to get 40% of our need for copper concentrates from our own mines. We are falling short of that number," said Debu Bhattacharya, managing director, Hindalco Industries. Mr Bhattacharya declined to divulge further details and said that the company is currently evaluating the options. Aditya Birla Minerals Ltd, the Australian subsidiary of Hindalco, is also planning to re-open the Mt Gordon Copper Operations (BMGO). Mt Gordon was shut in January 2009 due to declining copper prices. MGO is currently under maintenance. It produced 57,093 metric tonnes of copper in FY10. Meanwhile, Hindalco's net profit jumped 711% at Rs3,925 for the year ended March 2010 from Rs484 crore in FY09. The company produced 3,32,000 kilo tonnes (KT) of copper in FY09 and plans to ramp up the production to 3,37,000KT next fiscal. The company's copper business revenue increased by 13% to Rs12,575 crore and earnings before interest, tax and depreciation (EBITD) jumped from Rs374 crore to Rs1,003 crore. Hindalco's copper sales stood at Rs12,575 crore in FY10 (up 13% from Rs11,098 crore in FY09). The company's copper business, which benefited from higher contracted treatment charges and refining charges, lost Rs750 crore on lower by-product credit, such as sulphuric acid. The three-month copper contract prices have dropped 24% from $8 per pound in April 2010 to $6.10 per pound (as on 8 June 2010) on the LME. Mr Bhattacharya said that he is not pessimistic about the future trend in aluminium prices and said that Europe should not be looked at as the only market. June 5th, 2010  - Acquisitions Tampa Florida - Gerdau S.A. proposes to acquire the minority shares in Gerdau Ameristeel Corp. Gerdau Ameristeel Corporation and Gerdau S.A. announced Wednesday that Gerdau S.A. has delivered to the Board of Directors of Gerdau Ameristeel a proposal to acquire all of the shares of Gerdau Ameristeel Corporation that Gerdau S.A. does not already own for US$11.00 cash per share. This proposal values Gerdau Ameristeel's minority held shares at approximately US$1.6 billion. Gerdau S.A. already owns 66.3% of the outstanding shares of Gerdau Ameristeel and intends to fund the acquisition and related expenses through its existing cash resources and committed financing. The Gerdau Ameristeel Board of Directors has established a Special Committee of independent directors to, among other things, supervise the preparation of a formal valuation and oversee the finalization of a definitive agreement in connection with the proposal. Once Gerdau Ameristeel is wholly-owned by Gerdau S.A., the combined business would be expected to benefit from additional business development opportunities in the context of Gerdau S.A.'s global strategy. As a wholly-owned subsidiary of Gerdau S.A., Gerdau Ameristeel would be expected to realize global synergies and enjoy a lower cost of funding as a result of Gerdau S.A.'s stronger credit ratings. Chairman of the Board of Directors of Gerdau S.A., Jorge Gerdau Johannpeter, commented: "We believe this transaction represents an excellent opportunity for Gerdau Ameristeel's public shareholders to monetize their holdings at a price that represents full and fair value and is in the best interests of Gerdau S.A. and Gerdau Ameristeel, its public shareholders and other stakeholders." May 29th, 2010  - Acquisitions Houston Texas - Houston Wire & Cable Co to acquire Southwest Wire Rope and Southern Wire Houston Wire & Cable Company today announced that it has entered into a definitive agreement to acquire Southwest Wire Rope LP and Southern Wire, LLC from Teleflex Incorporated. Under the terms of the agreement, the purchase price for the acquisition of both companies is $50 million, subject to an adjustment based on the net working capital of the acquired companies as of the closing date. HWCC expects to finance the payment of the purchase price through borrowings under its existing credit facility. The acquisition is subject to customary closing conditions, and is anticipated to close before the end of the second quarter of 2010. Chuck Sorrentino, President and CEO of HWCC, commented, "We are extremely pleased to expand our business with the addition of these two great organizations. Both Southwest Wire Rope and Southern Wire are well managed and have great support teams. We feel their respective businesses are an excellent fit for our long term growth initiatives. The combined companies will serve complimentary end markets which require the goods and services of all three companies. I am very excited about the opportunity that this acquisition brings to HWCC." May 29th, 2010  - Acquisitions Dalian China - Fushi Copperweld subsidiary signs definitive agreement to acquire Shanghai Hongtai and enhances presence in Southeast China Fushi Copperweld, Inc. a leading global manufacturer and innovator of copper-clad bimetallic wire used in a variety of telecommunication, utility, transportation and other electrical applications, today announced that its subsidiary, Fushi International (Dalian) Bimetallic Cable Co., Ltd. ("Fushi") has entered into a definitive agreement to acquire 100% of Shanghai Hongtai Industrial Co., Ltd. ("Shanghai Hongtai"), a leading manufacturer of bimetallic wire in Southeast China, for approximately $3.9 million, comprised of $1.3 million in cash and $2.6 million in restricted stock. The Company expects the transaction to be finalized during the course of the second quarter 2010, and the completion of the acquisition is subject to customary closing conditions, as well as the successful transfer and commissioning of equipment to Yixing, China. See Extended Story.. May 5th, 2010  - Acquisitions Nuremberg Germany - Leoni takes over Romanian plant of AEES Power Systems Leoni, a leading provider of cables and cable systems to the automotive sector and other industries, has been awarded with a new supply contract for commercial vehicles. In this context, Leoni acquired the manufacturing assets of the AEES Power Systems Group plant in Beiuº in north-western Romania effective 1 April. The additional business volume sums up to a single-digit million Euro amount per year. The plant was acquired from AEES Power Systems, which restructured its European operations in early 2010. In connection with that restructuring, Leoni was asked to continue with the supply of cable harnesses for batteries and chassis to two truck manufacturers. For this purpose Leoni has acquired the manufacturing assets and taken over 375 employees. See Extended Story.. May 3rd, 2010  - Acquisitions Hamilton Ontario - German firm to buy two idled U.S. Steel Hamilton plants A German company is buying two idled Hamilton steel plants in a deal that could mean 300 new jobs for the city. The sale of the No. 1 bar mill and No. 3 bloom and billet mill at U. S. Steel Canada's Burlington Street complex will mark the North American debut of Max Aicher Group, a German company that already commands more than 20 per cent of Europe's market for automotive steel. "This is a very significant announcement. It's a major reinvestment in Hamilton," said economic development director Neil Everson. "This is job creation, it's advanced manufacturing and it shows steel still has a future in Hamilton." Terms of the deal were not disclosed and government approval is required. The mills have been inactive since January 2009. Max Aicher (North America) Inc. is a wholly owned subsidiary of Max Aicher GmbH & Co. KG of Germany. Based in Freilassing, Germany, east of Munich, the company has interests in real estate, construction, steel and waste recycling. It entered the steel business in Germany in 1975, rehabilitating the bankrupt Stahlwerk Annahutte mill in the town of Berchtesgaden. It now operates several stainless steel and rolling mills in Germany, Czech Republic, Romania and Hungary serving customers in auto production and construction. Aicher employs about 2,500 people in steel production now. April 29th, 2010  - Acquisitions Schaffhausen Switzerland - Tyco International to pursue spin-off of its electrical & metal products business Tyco International Ltd. announced Wednesday that it plans to pursue a tax-free spin-off of its Electrical & Metal Products business. Tyco expects to file documents with the U.S. Securities & Exchange Commission (SEC) over the next few months and to complete the proposed transaction in the first half of fiscal 2011. Following the transaction, the business would be an independent, publicly traded U.S. company. "Electrical & Metal Products is a high-quality business with well-recognized brands, a strong management team and an outstanding reputation in its markets," said Ed Breen, Chairman and Chief Executive Officer of Tyco. "We believe that the business is well-positioned for future success and that the environment is conducive to move forward with the transaction at this time." The proposed transaction is expected to be structured as a tax-free distribution to Tyco shareholders, and is subject to a number of conditions including completion of a review process by the SEC, final approval by Tyco's Board of Directors and approval by Tyco's shareholders. The Electrical & Metal Products business designs, manufactures and sells galvanized steel tubes and pipes, electrical conduit, armored wire and cable, metal framing systems and building components. The business serves a wide range of construction, electrical, fire, security, and mechanical applications and generated revenue of $1.4 billion in 2009. April 28th, 2010  - Acquisitions Copenhagen Denmark - nkt cables goes “Down Under” nkt cables is now setting a strong footprint on the Australian cable market by acquiring the company “Aus-sa Power Products Ltd” of Brisbane, Queensland, Australia. During the last couple of years Aussa Power Products Ltd has been working as distributor for nkt cables and has successfully launched medium voltage cables from nkt cables’ factory in China, and medium- and high voltage accessories from nkt cables’ factories in Germany. Apart from a highly competent sales force, the Australian company also consists of a very capable high voltage installation team. “Today nkt cables has signed a Share Purchase Agreement to acquire 100% of the shares of Aussa Pow-er Products. Through this acquisition, nkt cables gets access to the Australian and surrounding markets especially in the fields of medium voltage cables, high voltage cables and accessories”, says Dion Metze-maekers, CEO of nkt cables group and continues “nkt cables will also be able to perform high voltage Turn Key projects in the region, combining the industrial expertise of nkt cables in Europe and China sup-ported by the excellent workforce and management of Aussa Power Products – from today nkt cables Australia”. April 17th, 2010  - Acquisitions Windhoek Namibia - Ellies acquire Power Line Africa Listed technology group Ellies is to acquire 100 percent of the share capital of Power Line Africa (PLA), a constructor of high voltage transmission lines in Namibia. "This is a logical and very strategic acquisition for Ellies," CEO Wayne Samson said. Firstly, PLA had a strong relationship with Megatron Federal, Ellies' power generation, transmission and distribution subsidiary. "Megatron and PLA have successfully worked on a number of projects in Africa, most notably in the mining sector," Samson said. Secondly, the acquisition broadened Ellies' scope in Africa, "where we believe numerous opportunities can be unearthed", Samson said. See Extended Story.. April 13th, 2010  - Acquisitions Tokyo Japan - Bekaert and Bridgestone CEOs seal acquisition and supply agreement in Tokyo, Japan (See also news item February 3 ). In a ceremony today at Bridgestone's Headquarters in Tokyo, Bert De Graeve, CEO of Bekaert, and Shoshi Arakawa, CEO and President of Bridgestone, have confirmed the strong partnership between both companies and expressed their confidence in the success of the recently concluded long-term supply agreement between Bekaert and Bridgestone. The meeting at the Bridgestone Headquarters was also attended by members of the Board of Directors and the Executive Committee of Bridgestone, and by Belgium's Prime Minister Yves Leterme who led the Belgian Regional Diplomatic Conference in Tokyo. from left to right: Mr. Johan Maricou, Belgian Ambassador to Japan, Mr. Yves Leterme, Prime Minister of Belgium, Mr. Shoshi Arakawa, CEO and President of Bridgestone, Mr. Bert De Graeve, CEO of Bekaert, Mr. Jun Yokota, Ambassador of Japan to Belgium, Mr. Masaaki Tsuya, Vice President and Senior Officer of Bridgestone April 9th, 2010  - Acquisitions Memphis, Tennessee - Thomas & Betts completes acquisition of PMA AG Thomas & Betts Corporation has announced that it has completed its acquisition of PMA AG, a privately held, leading European manufacturer of technologically advanced cable protection systems, for €84.5 million (approximately $115 million). PMA reported sales of approximately €33 million (approximately $45 million) in 2009. The acquisition is expected to be accretive to 2010 electrical segment margins and earnings per diluted share. PMA manufactures high-quality polyamide resin-based flexible conduit and fitting systems used in a broad variety of industrial applications to protect energy and data cables from external forces such as vibration, heat, fire, cold and tensile stress. PMA is a leader in providing cable protection systems for the rail car manufacturing and machine building industries and has a growing presence in mining and infrastructure projects. Based in Zurich, Switzerland, PMA products conform to worldwide standards and regulations and are sold in more than 45 countries in Europe, Asia, the Middle East and North America. April 8th, 2010  - Acquisitions Hong Kong - More mergers & acquisitions expected in cable manufacturing industry HSBC analyst says. More consolidation is expected in the cable making industry as firms seek to expand further in emerging markets and exploit problems of competitors in the downturn, HSBC analysts wrote in a note on Thursday. The traditional fragmentation of the cable market, which is expected to reach a value of $176 billion (118.2 billion pounds) in 2011, is under strain as manufacturers are looking to boost their negotiating power both with raw material suppliers and end users of cables. "The sheer number of cable-making companies worldwide and the widely-acknowledged geographical dispersion cry out for some sector streamlining," HSBC analysts wrote. See Extended Story.. March 9th, 2010  - Acquisitions Versailles France - FCI buys cable maker MergeOptics assets Connector and cable assemble solutions provider FCI, has acquired the assets of MergeOptics, a manufacturer of active optical cables (AOCs) and optical transceivers. The acquisition will allow FCI to leverage MergeOptics' leadership position in AOCs to complement FCI's passive and active copper cables assemblies to address data and communications market applications. Data centers and high performance computing applications require that the data-rate performance per channel as defined by various standards be maintained over long lengths of cable. Current applications feature both copper high-speed I/O solutions for short-to-moderate lengths. Applications that require longer cable lengths employ the use of fiber optics via either active optical cables or through the use of transceivers. The market requirements for increased speed and port density continue to drive suppliers towards higher speed solutions increasing the utilization of active optical cables and transceivers as the market drives toward 25Gbit/s per channel high-speed I/O solutions. "MergeOptics' leading position in active optical cables extends FCI's existing high-speed I/O portfolio of passive and active copper solutions," said Pete Curwen, corporate VP and general manager of FCI electronics division. "With this complete portfolio of I/O product solutions, we will be able to provide our customers with more complete and innovative solutions to meet their needs today and in the future." March 9th, 2010  - Acquisitions San Jose, California - Mountz, Inc. acquires fastener importer Mr. Metric Mountz, Inc. acquired all assets of Mr. Metric, Inc, a fastener importer and distributor located in San Jose, CA. The value of the deal was not disclosed. Mr. Metric will serve as the flagship brand name for all Mountz fastener products. Fastener products will be integrated into the Mountz logistics system and sold under the strong Mr. Metric brand name. Mountz plans to roll out a fresh and revived Mr. Metric brand to a combined 6,000 active customers. Mountz is the nations premier manufacturer and supplier of high quality torque tool products used to properly torque fasteners. Mountz serves the world's largest producers of industrial products. Mountz is ISO 9001 certified and ISO 17025 accredited and operates in over 30 countries. San Jose has been its local headquarters for 45 years. March 3rd, 2010  - Acquisitions Roseland, Florida - Southwire broadens presence in HVAC market with Ford Wire acquisition that the company announced February 10. The Florida.-based company is a manufacturer of wire and cable used in the manufacture of heating, ventilation and air-conditioning (HVAC) equipment. The deal includes only equipment, with Ford maintaining ownership of its manufacturing plant. “Today marks a new direction for Southwire as we build upon our commitment to provide the best products and service in the HVAC market,” said Stu Thorn, Southwire’s president and CEO. “While Southwire already manufactures a limited line of cables used in the production and installation of HVAC equipment, this acquisition allows us to expand that product offering and better assist those serving the industry.” The acquisition fits perfectly with Southwire’s strategy to explore new market segments, while developing closer ties to its customers, according to Norman Adkins, president of Southwire’s OEM Division. “It’s very important that we forge strong relationships with our customers and remain sensitive to their needs,” Adkins said. “Exceeding our customers’ expectations has been a key to our success. We must continually focus on what they think is important and on what truly delivers value. Our customers expect to grow and we must grow with them by offering a compelling competitive advantage.” February 27th, 2010  - Acquisitions Carrollton, Georgia - Southwire completes purchase of AIW assets Southwire Company announced this past week that it had completed the asset purchase of Rhode Island based American Insulated Wire Corporation (AIW), a subsidiary of Leviton. As per an agreement signed January 20 Southwire has acquired certain assets of AIW including the AIW brands, and two manufacturing facilities, Douglas, GA, and Coffeyville, KS, both of which produce a variety of building wire products for commercial, industrial, and OEM markets.“Acquiring the AIW assets will allow Southwire to become stronger in construction, industrial, OEM and retail market segments and will enhance our ability to serve customers in the fast-growing renewable energy market,” said Stuart Thorn, Southwire CEO. “AIW’s product diversity and strong manufacturing expertise make it a perfect fit for Southwire’s commitment to industry leading service for our customers by offering the broadest range of wire and cable products available from one manufacturer.“Demand for flexible cable products, particularly in alternative energy markets continues to grow,” added Thorn. “By integrating AIW’s product line and manufacturing capacity within Southwire, we will be better positioned to meet that growing market demand.” See Extended Story.. February 18th, 2010  - Acquisitions Harare Zimbabwe - ArcelorMittal SA closing in on acquisition of ZISCO (see also news item February 13th) It is reported that ArcelorMittal South Africa, one of the two bidders short listed for a controlling stake in the Zimbabwe Iron & Steel Company, are hanging on to ZAR 4.3 billion to conclude a possible acquisition of the local steel maker. Mr Nonkululeko Nyembezi Heita CEO of ArcelorMittal SA said that they were confident about succeeding with the bid. Indian steel giant Jindal Steel & Power Limited has also been short listed to take over ZISCO, owned 70% by government. Jindal Steel, backed by heavily capitalized South Africa's Industrial Development Corporation and the Development Bank of Southern Africa, has also indicated strong cash support. However, local and international analysts have tipped ArcelorMittal to win the bid. See Extended Story.. February 10th, 2010  - Acquisitions Dalian China - Fushi Copperweld Subsidiary Signs Definitive Agreement to Acquire Dalian Jinchuan Electric Cable Fushi Copperweld, Inc. a leading global manufacturer and innovator of copper-clad bimetallic wire used in a variety of telecommunication, utility, transportation and other electrical applications, today announced that its subsidiary, Fushi International (Dalian) Bimetallic Cable Co., Ltd. ("Fushi") has entered into a definitive agreement to acquire Dalian Jinchuan Electric Cable Co., Ltd. ("Dalian Jinchuan") for approximately $10.2 million. Dalian Jinchuan, a leading Northeastern Chinese manufacturer of low- and medium-voltage power cables using copper, aluminum and copper-clad center conductors, reported 2008 revenues as audited under Chinese GAAP of approximately $18 million. The acquisition of Dalian Jinchuan would mark the Company's strategic expansion into the power cable industry, as well as the execution of its strategy of expanding its downstream processing capabilities through vertical integration. The acquisition would also allow the Company to expand into Northeastern China. See Extended Story.. February 6th, 2010  - Acquisitions Herts U.K. - Mack Brooks Exhibitions announces the acquisition of Fastener Fairs Ltd. International show organizer, Mack Brooks Exhibitions Group, has acquired the entire shareholding of Fastener Fairs Limited for an undisclosed figure. Fastener Fair, which takes place in Stuttgart, Germany, is Europe’s largest trade exhibition for fastener technology: 625 exhibitors and some 6,000 visitors attended the record exhibition in October 2009. A satellite event of the show, targeted to the Hungarian fastener and fixing market, will be organized again in Budapest in September 2010. With Fastener Fairs Limited, Mack Brooks also acquired the ‘Fastener+Fixing Magazine’, read by more than 30,000 fastener professionals worldwide. Mack Brooks’ Chairman and CEO, Stephen Brooks, commented: “The highly targeted international trade show Fastener Fair fits in perfectly with the Mack Brooks portfolio of industrial trade exhibitions. We see significant potential to take forward the Fastener Fair brand as the leading event in the fastener and fixing sector.” February 5th, 2010  - Acquisitions Milan Italy/Seoul Korea - Taihan sells stake in Italy's Prysmian Taihan Electric Wire Co Ltd sold its 9.9 percent stake in Italian cable maker Prysmian SpA on Thursday, crushing speculation that the South Korean company could buy more shares. Taihan said in a statement it raised about 400 billion won ($384 million) with the sale, which would help improve its financial base. Traders said the price was about 12.75 euros per share, a 6.7 percent discount on Wednesday's closing share price.It was not immediately clear who bought the shares, but the traders said Bank of America Corp was arranging the sale. Prysmian declined to comment See Extended Story.. February 5th, 2010  - Acquisitions Bhubaneshwar India - Orissa govt considering to pump in Rs 95 crore as equity in NINL Orissa government is considering to contribute Rs 95 crore towards its share of equity for the expansion of Nilachal Ispat Nigam Ltd [NINL] promoted by MMTC Limited along with the state government. For quite some time there was a move for merger of the 1.1 million tonne capacity integrated iron and steel plant (NINL) at Kalinga Nagar in Jajpur district either by Steel Authority of India Limited (SAIL) and Rastriya Ispat Nigam Limited (RINL). But now the State Government is keen not to dilute NINL’s ownership by contributing its share for developing facilities for steel making. The NINL's 1.1 million tonne capacity pig iron plant is located in Duburi of Jajpur district and started pigiron production in 2002 Orissa government has 26% of equity stake in the PSU's total equity of Rs 399.79 crore, while MMTC, being the major promoter, has 49.78 per cent stake in the company The annual production capacity of the plant is 4.92 lakh pig iron, 2.76 lakh tons of billets and 3 lakh tons of wire rod. It also has a 62.5 mega watt captive power plant. See Extended Story.. February 3rd, 2010  - Acquisitions Zwevegem Belgium - Bekaert accelerates growth strategy through acquisition Bekaert, worldwide technological and market leader in drawn wire products and advanced coatings, announced the acquisition of two Bridgestone tire cord plants and a multi year supply agreement. The integration of the two plants will strengthen Bekaert's position in the tire cord market, while the long-term supply agreement further enhances Bekaert's status as an important external supplier of tire cord to Bridgestone. Bekaert and Bridgestone signed an agreement for the purchase by Bekaert of BMI, Sardinia (Italy) and BSSH, Huizhou (Guangdong Province, China). The share deal includes all of the personnel and assets of the two manufacturing sites. As part of this transaction, Bekaert and Bridgestone have entered into a long term supply agreement of tire cord to Bridgestone. The transaction, with an enterprise value of approximately EUR 70 million, is subject to customary closing conditions and is expected to close in the second quarter of 2010. Mr Bert De Graeve CEO of Bekaert said “Bekaert has always enjoyed an outstanding relationship with Bridgestone. This agreement will lead to enhanced cooperation and supply with a leading customer and will significantly advance Bekaert's strategy of building and growing a global tire cord business.” January 21st, 2010  - Acquisitions Carrollton Georgia - Southwire to acquire AIW assets Southwire Co has agreed to purchase certain assets of American Insulated Wire Corp. (AIW), a subsidiary of Leviton Manufacturing Co. Inc., Melville, N.Y., that’s well known in the electrical industry as a manufacturer of portable cord, cordsets, electronic wire and cable and other cabling products. Last week’s NAED Western Conference in San Diego was buzzing with rumors of the acquisition. Southwire will acquire the AIW brands and two manufacturing facilities in Douglas, Georgia., and Coffeyville, Kansas., both of which produce a variety of electrical wire and cable products for the commercial, industrial, retail and OEM markets. The purchase of AIW, which is now based in Mansfield, Mass., but for years was headquartered in Pawtucket, R.I., is expected to close by the end of February. “Acquiring AIW will allow us to diversify our product offering while continuing to strengthen our position in our core copper building wire business,” said Stuart Thorn, Southwire CEO. Leviton acquired AIW in 1936. Donald J. Hendler, Leviton President and CEO, said the company no longer fit into Leviton’s shift toward “more value-added systems and solutions.” January 20th, 2010  - Acquisitions Highland Heights Kentucky - General Cable Expands in South Africa General Cable Corporation reported today that it has acquired a substantial portion of the wire and cable assets of Phoenix Power Cables, of Durban, South Africa. The business will operate as General Cable Phoenix South Africa (GCPSA) going forward. GCPSA manufactures low and medium voltage electrical power cables as well as overhead energy transmission and distribution cables. In the last twelve months, the business reported revenues of approximately $20 million. The former owners, the Ramkisson family, will hold a 10% interest in the business. See Extended Story.. January 8th, 2010  - Acquisitions Kansas City Missouri - WireCo WorldGroup acquires Pennsylvania rope maker WireCo WorldGroup, a Kansas City-based steel company, formerly known as Wire rope Corporation of America has bought a small Pennsylvania synthetic rope and strand manufacturer the company said Tuesday. Terms were not disclosed. Phillystran has 35 employees at a manufacturing site in Montgomeryville, Pa., as well as a sales office in Europe. Phillystran makes specialized, synthetically made ropes and strands. WireCo produces wire rope and other steel products for wide industrial use. “The synergy of their technical expertise and our market reach provides us a great opportunity in this important market to offer the best solutions for our customers worldwide,” WireCo chief executive Ira Glazer said in a statement. WireCo, owned by private equity firm Paine & Partners LLC, has about 700 employees throughout Missouri, including a St. Joseph plant and the Kansas City corporate headquarters. The company employs about 1,900 worldwide. December 24th, 2009  - Acquisitions Berlin Germany - Wardwell assets acquired by Sket GmbH SKET Verseilmaschinenbau Magdeburg GmbH acquired the assets of Wardwell at auction on December 14 after the latter operated under state court receivership for four months. SKET had previously purchased the assets of Wardwell Europe and was also the highest bidder for the assets of the braiding machine manufacturer of Rhode Island. A spokesperson for the German manufacturer and member of the WILMS Gruppe confirmed the acquisition and its plans to restart operations at the same location on January 4. “We are pleased to add the Wardwell brand and products to our program and offer more options to our customers. Wardwell has been supplying braiding equipment to the wire and cable industry for 98 years and has many prominent and loyal customers,” said the source. The new company will have a smaller work force, initially, and a new name – Stolberger Incorporated DBA Wardwell Braiding Co. “We are grateful to Wardwell’s customers for their patience and loyalty and we look forward to serving them in the future,” continued the source. Stolberger also acquired the domain and contact numbers. You can reach Tony Quadros and John Tomaz for assistance with parts and machines respectively. The reunification of Spirka, Schnellflechter SB and Wardwell brands under SKET means customers can find answers to all their braiding, shielding and rewinding needs with one organization. For further information about the acquisition or Spirka and Wardwell products, you may contact Harald Baumbach at +49 30 549918 46, +49 173345 9372 ,hbaumbach@spirka-schnellflechter.com in Berlin or John Tomaz at +1 401-724-8800 x 135, jtomaz@wardwell.com in U.S.A. December 3rd, 2009  - Acquisitions London U.K. - Rio Tinto’s Alcan Engineered Products Cable division sale terminated Diversified miner Rio Tinto has completed the $349-million sale of its Alcan Composites business to Swiss textile and semiconductor machinery manufacturer Schweiter Technologies, it reported on Tuesday. Alcan Composites formed part of Rio Tinto’s Alcan Engineered Products division, which the diversified miner bought for $38-billion in October 2007. However, the group has since sold some of the division’s assets in line with its overall divestment strategy to preserve cash flows and reduce debt levels as a result of the global economic crisis. Since February 2008, Rio Tinto has announced asset sales of $8,3-billion, including Alcan Composites, Ningxia, Potasio Rio Colorado, Corumbá, Jacobs Ranch, Alcan Packaging Food Americas, Maules Creek and the Cloud Peak IPO. However, it announced on Tuesday that its proposed sale of a 56% stake in the Alcan Engineered Products Cable division, as announced in September, had been terminated in line with the terms of the sale agreement. November 20th, 2009  - Acquisitions Beijing China - General Steel Holdings signs Non-binding LOI to acquire Tangshan Baotai Iron and Steel Group General Steel Holdings, Inc., one of China's leading non-state-owned producers of steel products and aggregators of domestic steel companies, today announced that it has signed a non-binding Letter of Intent ("LOI") to acquire a 60% controlling interest in Tangshan Baotai Iron and Steel Group Co., Ltd. ("Baotai"), a non-state-owned producer of steel billet and strip steel in Tangshan, Hebei province, China. If this transaction is consummated, General Steel is expected to have approximately 10,000 employees and operate five subsidiaries based in China producing a variety of steel products including rebar, steel billet and strip steel, hot-rolled carbon and silicon sheet, high-speed wire and spiral-weld pipe. See Extended Story.. November 20th, 2009  - Acquisitions Melville New York - Arrow Electronics to buy specialty wire firm A.E. Petsche Electronic components distributor Arrow Electronics said it will purchase Arlington,Texas-based wire, cable and harness supplier, A.E. Petsche Co, for an undisclosed amount.Melville-based Arrow said the acquisition would expand its reach into the aerospace and defense market, Petsche’s consumer base. The deal is slated to close before the end of the year. The Texas company, which employs 250 people, distributes its cables, connectors and wires throughout the United States, Canada, Mexico, the United Kingdom, France, and Belgium. It also had $220 million in sales in 2008. November 18th, 2009  - Acquisitions Luxembourg - ArcelorMittal acquires an additional 13.881% stake in ArcelorMittal Ostrava, a.s. ArcelorMittal today announces that it has signed an agreement to acquire a 13.881% stake in ArcelorMittal Ostrava, a.s. from a subsidiary of PPF GROUP N.V., an international financial and investment group in Central and Eastern Europe, for CZK 6,879,524,000 (approximately $US 404.3 million). This values ArcelorMittal Ostrava, a.s. at an Enterprise Value of approximately $US 264 per tonne of liquid steel capacity. The final payment will be made in 2010. ArcelorMittal will thus increase its stake in ArcelorMittal Ostrava, a.s. to approximately 96.4% and PPF GROUP N.V. will step out of the Czech steelmaker's shareholding structure. This agreement is consistent with ArcelorMittal's commitment to continue as one of the largest foreign investors in the Czech Republic. ArcelorMittal Ostrava a.s. is the largest steelmaker in the Czech Republic See Extended Story.. November 11th, 2009  - Acquisitions Rochester Hills Michigan - A Raymond acquires Tinnerman to form combined fastener group A Raymond, a leading global supplier of automotive engineered fastening and fluid-handling connections systems, has acquired Tinnerman Palnut Engineered Products of Brunswick, Ohio. A Raymond will merge its current North American operations with Tinnerman to form A Raymond Tinnerman Manufacturing. The acquisition will substantially expand A Raymond’s presence in automotive as well as other industrial markets in North America, according to David J. Nenno, president of the new operating group. See Extended Story.. November 6th, 2009  - Acquisitions Leeds U.K. - KTS Wire buys rival in £3.1m deal A Yorkshire steel wire manufacturer has further boosted its business by acquiring one of its competitors. Morley-based KTS Wire received a cash injection of £3.1m to acquire Cheshire baling and steel wire producer John Pring & Son from administrators. The deal was funded by specialist Leeds-based turnaround and private equity house Frontline Investment Opportunities while the Leeds office of asset-based lender Davenham provided working capital funding. November 2nd, 2009  - Acquisitions Taipei Taiwan - Chunghwa Telecom mulls investment opportunities in Taiwan, and abroad Chunghwa Telecom Co. President Shaio-tung Chang said Wednesday the company is evaluating investment opportunities either in Taiwan or abroad, but he didn't say whether it is in talks to acquire Asia Pacific Telecom Group, a small broadband and mobile services provider. "Chunghwa monitors the market closely and is looking for investment opportunities, either domestically or internationally," Chang said in an emailed reply to a Dow Jones query, after a Commercial Times report cited Minister of Transportation and Communications Mao Chi-Kuo as saying Chunghwa Telecom is considering buying a stake in Asia Pacific Telecom. The paper also cited unnamed industry sources as saying Chunghwa Telecom, Taiwan's largest phone services provider by revenue, plans to invest NT$10 billion in Asia Pacific Telecom and take over its management. The transportation and communications ministry is Chunghwa Telecom's largest shareholder, with a 35.3% stake. October 20th, 2009  - Acquisitions Colmar-Berg, Luxembourg - Bekaert one of four potential buyers of Goodyear’s Luxembourg steel cord plant Goodyear has openly stated its desire to sell the company’s Luxembourg steel cord factory. As it disclosed to the “Luxemburger Wort” newspaper, talks with “four potential buyers” are underway, including with Belgium’s Bekaert, global top supplier of steel cord. The newspaper adds that the wire plant’s sale could be interpreted to be part of “Goodyear’s new management policy, one it wants in future to focus as far as possible concentrate upon the core business of tyre production, a change in strategy that Goodyear’s employees were recently informed about through an internal notice.” A company spokesperson told the newspaper that no contracts have been made and no offer as yet given. A buyer has also not yet been selected. Negotiations are still in an early stage, the spokesperson added, however a “change of ownership at the Goodyear Wire Plant,” is not out of the question.” The Goodyear Wire Plant in Luxembourg has been in operation since 1971 and outside of the company’s steel cord factory in Asheboro, N.C., is the company’s sole wire facility worldwide. October 20th, 2009  - Acquisitions Brunswick, Ohio - French firm rumoured to have purchased the Ohio-based fastening manufacturer Tinnerman Pharos-Tribune carried a news item Friday suggesting that Tinnerman Connection Engineering had been purchased a French company. Plant manager Mike Englert at the Ohio-based fastening manufacturer said Friday he could neither confirm nor deny a report circulating among employees at the Logansport plant that Tinnerman will begin operating under the name A Raymond starting Monday. Englert said he would announce the sale of the company if such a development occurred. “At this point, I really can’t comment,” he said. The company employs about 210 workers locally. A call to Tinnerman headquarters in Brunswick, Ohio, was not returned Friday afternoon. Tinnerman makes fasteners for the transportation, electronics, construction and medical industries. A Raymond, according to its Web site, is an international company based in France that manufactures similar products. A Raymond employs 3,200 people at 29 companies in 20 countries. Skip Kuker, president of the Logansport-Cass County Economic Development Foundation, said Friday he had heard a rumor of the sale, but he said company officials had not contacted his office. In Logansport, Tinnerman has undergone multiple name changes over the years. Before Tinnerman, the company was known as Tinnerman-Palnut, which purchased the local facility from Textron Fastening Systems in 2005. The plant was also formerly known as Elco-Textron and Elco Industries. October 3rd, 2009  - Acquisitions Charlotte North Carolina - Carlisle acquires Electronic Cable Specialists Carlisle Cos., which makes truck brakes, tires, wheels and construction and roofing materials, said Thursday that it has acquired Electronic Cable Specialists Inc. Financial terms were not disclosed. Electronic Cable, a privately held Franklin, Wis.-based company, designs and manufactures electrical and structural products for the aviation, medical and industrial markets. Its annual sales are $50 million. Carlisle said the acquisition complements its specialty wire and cable operations and broadens its product and engineering capabilities for its commercial and defense airframe customers. October 3rd, 2009  - Acquisitions Madison Heights, Michigan - JohnDow purchases fastener company A Barberton manufacturer has grown a new division. JohnDow Industries, which makes automotive shop equipment and supplies, has purchased the assets of Dynamic Merchandising Inc. in Madison Heights, Michigan. Dynamic will become a new division for JohnDow, supplying fasteners, hardware and parts, including brake and fuel lines, wheel studs and nuts and electrical components. Sometime between now and early 2010, Dynamic's inventory and equipment will be moved to JohnDow's 110,000-square-foot production and distribution facility on Snyder Avenue. Vice president Mark Pfleeger said the company, which currently employs 26, will add an undetermined number of workers in the near future. Dynamic's new name will be Dynamic Automotive Fasteners & Supplies, and its owner, Mike Davidson, will be hired by JohnDow as the division's national sales manager. See Extended Story.. September 24th, 2009  - Acquisitions Carrollton Georgia - Southwire broadens product offering with Maxis acquisition Southwire Company today completed its acquisition of the assets of Phoenix, AZ based Maxis LLC. Founded by electrical contractors nearly 8 years ago, Maxis is known for applying leading-edge technology and years of practical experience to the development of tools and equipment used in the installation and management of electrical wire and cable products. See Extended Story.. September 17th, 2009  - Acquisitions Budapest Hungary - Bidder for bankrupt NE Hungary steel giant identified While the liquidation managers remain silent, a source close to Miskolc-based bankrupt steel industry company DAM 2004 has divulged information on one of the two bidders interested in an acquisition. According to wire service MTI, this prospective investor is none other than Max Aicher GmbH, a German strategic investor which operates another steel plant in nearby Ozd. Two potential investors have submitted bids for bankrupt steel company DAM 2004, a bankruptcy management firm Ratis told wire service MTI. The company now employs less than 1,000 staff at the Diosgyor Steel Works in Miskolc, once the flagship of the heavy industry in Hungary. One of the bids was submitted by Max Aicher GmbH, a German company which has been successfully operating Ozd Steel Works (OAM) Kft for 12 years near Miskolc, sources speaking on condition of anonymity told wire service MTI. See Extended Story.. September 15th, 2009  - Acquisitions Los Angeles California - Platinum Equity to acquire Alcan Cable from Rio Tinto Platinum Equity announced Monday that it has signed a definitive agreement to purchase controlling interest in the Alcan Cable division of Rio Tinto. Alcan Cable, a division of the Alcan Engineered Products business, is a high quality manufacturer of aluminum cable products. Financial terms of the acquisition were not disclosed. The transaction is expected to be completed in the next several weeks pending the completion of certain closing conditions. See Extended Story.. September 15th, 2009  - Acquisitions Copenhagen Denmark - NKT Cables acquires Chinese high voltage cable factory NKT Cables has signed a final purchase agreement with Xinhua Cables Group for a 100% takeover of Xinhua's high voltage cable factory in Hejian City, located in the Chinese province of Hebei. The agreement should be seen in connection with the stock exchange announcement no. 7 from 26 March 2009 and the subsequent notice in NKT's second interim report dated 25 August 2009. See Extended Story.. August 11th, 2009  - Acquisitions New York City - Bay Acquisition Corp. acquires Chinese Copper Wire Manufacturer Bay Acquisition Corp. (formerly known as SecureLogic Corp.), announced that it has entered into an agreement to acquire Zhejiang Ledi Electronic Technology Co., LTD. ("LeDi"), a copper processing enterprise located in China, which produces electrical copper wires in the wire and cable industries. The transaction is structured as an acquisition of LeDi’s Samoan-based holding company See Extended Story.. August 7th, 2009  - Acquisitions Riyadh Saudi Arabia - Saudi Cable buys majority stake in Turkish firm Saudi Cable Co said on Sunday it has agreed to buy a 79-percent stake in Turkish electronic equipments maker Elimsan for 123.75 million riyals . "Elimsan's takeover is among strategic steps taken by the company to consolidate and diversify its products, which will enable it to cover promising markets in the Gulf Arab region," Saudi Cable said in a statement.Two unidentified banks will finance about 91 percent of the deal's cost over a five-year period and the remainder will be funded from Saudi Cable's own cash, it added. August 7th, 2009  - Acquisitions Canton Ohio - Timken inks pact to sell business unit, warns of worse-than-expected results Timken has agreed to sell the assets of its Needle Roller Bearings business, which primarily serves customers in the automotive original-equipment sector, to Japan's JTEKT Corp. for about $330 million cash, subject to adjustments for working capital. Timken expects the deal to close by the end of 2009. Timken said proceeds from the sale would provide the maker of bearings and steel with increased liquidity and would be used for general company purposes. “This transaction is a major step forward in our strategy to transform our portfolio to focus on industrial sectors with strong after markets,” said James W. Griffith, Timken president and CEO, in a statement. “It positions us to concentrate our resources on areas where we can realize mutual value with our customers.” The Needle Roller Bearings business was part of the broader Torrington acquisition Timken made in 2003. The business has approximately 3,400 associates and makes needle roller bearings and bearing assemblies at plants in North America, Asia and Europe. August 5th, 2009  - Acquisitions Harare Zimbabwe - Lakhshmi Mittal gambles on turnaround in Zimbabwe ArcelorMittal South Africa Ltd., a unit of the world's biggest steelmaker owned by one of the world's richest man Lakhshmi Mittal is interested in buying state-owned Zimbabwe Iron & Steel Co., said a person familiar with the matter. A bid was submitted earlier this month, the person said, declining be identified because an official announcement hasn’t been made by the Zimbabwean government. Zimbabwe’s Finance Minister Tendai Biti declined to comment when contacted by phone yesterday. Investing in Zimbabwe, where the economy shrank 40 percent between 2000 and 2007 according to the International Monetary Fund, would allow ArcelorMittal to supply steel more cheaply in the region by reducing trucking and rail costs. There are signs of a “nascent economic recovery” in Zimbabwe, the IMF said July 2. See Extended Story.. August 5th, 2009  - Acquisitions Highland Heights Kentucky - General Cable acquires Gepco International General Cable Corporation (NYSE: BGC), one of the most geographically diversified industrial companies, reported today that it has acquired Gepco International, Inc. and Isotec, Inc. (combined “Gepco”). Gepco, a manufacturer and provider of high-end cabling solutions for the professional broadcast and entertainment markets, reported 2008 revenues of approximately $46 million. The Gepco Brand of high-end broadcast cable products is one of the most well-known and respected brands in the professional broadcast industry with an outstanding reputation for unsurpassed quality and performance. Gepco cabling solutions are a critical component to the professional broadcast industry’s continuing innovation in broadcast technologies such as the next generation super or ultra-high definition video. See Extended Story.. July 20th, 2009  - Acquisitions Seoul South Korea - Posco to acquire Vietnam Stainless, and to build new plant in India Posco, South Korea’s largest steelmaker, will buy a 90 percent stake in Vietnam’s Asia Stainless Corp. and build a plant in India after this week forecasting a demand recovery in the second half. The board of directors approved buying Asia Stainless, known as ASC, today, the Pohang-based company said in an e- mailed statement without providing financial details on the purchase or the cost of the Indian plant. See Extended Story.. July 6th, 2009  - Acquisitions Nuremburg Germany - Leoni buys American robotics specialist Valentine Robotics Leoni, a leading provider of cable systems to the automotive sector and other industries, has taken over the US company Valentine Robotics in full effective 1 July 2009. With its acquisition of this robotics specialist, Leoni is further expanding its portfolio in the field of innovative, integrated system solutions with a high proportion of engineering and services for industrial robots as well as its position in the North American market. See Extended Story.. July 6th, 2009  - Acquisitions Brantford Ontario - China takes a $1.5 Billion Stake in Canada's Teck Cominco Last week June 29th, 2009 we drew your attention to an article in China Daily Beijing China - Where to park all our cash???? Well here is if not all of the answer at least one answer to a dilemma that must bother China’s leadership. Should Canadian’s be concern? Much of Canada’s resources and Canada’s industry in general is foreign owned and Canada’s mining industry mines on every continent and Canadian industry through acquisitions own major manufacturing plants outside Canada. Magna corporation recently agreed to take over GM’s Opel division. What is Teck Cominco? Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, metallurgical coal, zinc, gold and energy. Teck President and CEO Don Lindsay said: “This transaction will have an immediate and very positive effect on Teck’s balance sheet, and represents an attractive opportunity for Teck to establish a relationship with a major Chinese financial investor, with a deep understanding of China, the world’s largest consumer of our principal products.” See Extended Story.. July 2nd, 2009  - Acquisitions London U.K. - ROLLS-ROYCE GROUP PLC acquires 33% holding in ODIM ASA Rolls-Royce, the global power systems company, today announced that it has agreed to purchase a 33 per cent holding in the ordinary shares of ODIM, a leading provider of specialist marine handling systems to the offshore oil and gas industry. The acquisition is of 15,545,634 ordinary shares and will be purchased for investment purposes from Aker Solutions ASA (“Aker Solutions”) for a cash consideration of NOK 45 per share and a total consideration of NOK 700m (circa £66m). The agreement is conditional on the approval of the investment by the Norwegian competition authority. Rolls-Royce does not currently hold any shares or have any rights over shares in ODIM. See Extended Story.. June 30th, 2009  - Acquisitions Seoul Korea - Prysmian said to be in talks with Draka re possible takeover There are rumors circulating in Asia this morning that Italian cable maker Prysmian was negotiating a possible take over of Draka Holding NV , Europe's third-largest cable maker based in the Netherlands. Taihan Electric Wire Co Ltd shares jumped more than 7 percent after the report became widely known Taihan Elec Wire's investment arm, Taihan Global Luxembourg Investment Sarl, controls 9.9 percent of Prysmian. "There are hopes that Taihan would benefit from Prysmian's business," said Kim Ji-san, an analyst at Kiwoon Securities. We will try to get the information confirmed or denied during the course of today. June 30th, 2009  - Acquisitions Milan Italy - Prysmian SpA confirms our earlier report that it is in preliminary talks to merge with Draka Holding N.V Italian cable maker Prysmian SpA has confirmethat it is in preliminary talks to merge with smaller-rival Amsterdam-based cable company Draka Holding NV. The deal would create a world leader in the cable industry, observers said. In a statement, Prysmian, whose main shareholder is Goldman Sachs Group INC (GS) with a 32% stake, said that a cross-border merger would be completed through a share-for-share process. The proposed merger between Draka and Prysmian would effectively be a takeover by Prysmian, a transaction that makes sense, in view of potential cost and revenue synergies. With 12,000 employees and 53 plants worldwide, Prysmian says it is the second-largest cable industry firm behind France's Nexans SA (NEX.FR). Draka has about 10,000 workers and 40 plants. See Extended Story.. June 19th, 2009  - Acquisitions Tokyo, Japan - Suzuki Metal Becomes a Subsidiary of Nippon Steel Nippon Steel Corporation completed its payment in connection with its subscription for new shares in Suzuki Metal Industry Co Ltd through a third party allotment, as announced on December 25th 2008. As a result, Suzuki Metal has become a subsidiary of Nippon Steel. Suzuki Metal a key manufacturer of wires in the Nippon Steel Group which processes value added special wire rod products of Nippon Steel, acquired former Haldex Garphyttan AB, now Suzuki Garphyttan AB with the aim of expanding Suzuki Metal’s valve spring wire business globally and achieving further profit growth. Various processes relating to the acquisition were completed on June 1st 2009. Thereafter, Nippon Steel subscribed for new shares issued by Suzuki Metal through a third party allotment for the purpose of partially financing the acquisition and completed payment, as scheduled, on June 15. Consequently, the percentage of Suzuki Metal shares held by Nippon Steel rose from 35.90% to 66.59%, and Suzuki Metal became a consolidated subsidiary of Nippon Steel. See Extended Story.. May 22nd, 2009  - Acquisitions Hong Kong - Kai Yuan Holdings Limited shareholders approve earlier announced acquisition at AGM Hong Kong listed Kaiyuan Holdings has obtained approval of earlier announced acquisition of Fame Risen Development Limited Fame Risen Development holds 30% equity interest in Rizhao Medium Section Mill Co., Ltd.; 30% equity interest in Rizhao Steel Co., Ltd.; (~{!0~}Rizhao Steel ~{!0~}) and 25% equity interest in Rizhao Steel Wire Co., Limited respectively. Those Joint Venture Enterprises are main operating enterprises of Rizhao Steel Group, and are sino-foreign joint venture enterprises which engage in the manufacturing and trading of steel products in the PRC. See Extended Story.. May 14th, 2009  - Acquisitions Seoul Korea - POSCO buys 65 percent of stainless firm Taihan ST South Korea's POSCO said on Tuesday it had agreed to buy a 65 percent stake of Taihan ST Co. to boost its stake in the stainless steel maker to 85 percent, as it seeks to tighten supplies in an oversupplied domestic market. "The deal would help stabilize domestic stainless steel market, as we plan to maintain flexibility in operating its plants," POSCO said in a statement. See Extended Story.. May 12th, 2009  - Acquisitions Spartanburg South Carolina - AFL Telecommunications acquires Draka's OPGW Business AFL Telecommunications has signed an agreement to purchase Draka’s Optical Ground Wire (OPGW) business based in Monchengladbach, Germany. This acquisition positions AFL Telecommunications as the leading OPGW manufacturer worldwide, increasing its reach in additional countries of Europe, Africa and the Middle East. "The combined business synergies will enhance our technologies, increase manufacturing efficiencies and leverage the value of what we offer our customers," said Jody Gallagher, AFL Telecommunications' President and CEO. "Not only will our capacity increase, but it will enable us to enhance our capability and flexibility along with our ability to meet the increasing demands of our customers." AFL Telecommunications currently manufactures OPGW cables in the United States and United Kingdom. See Extended Story.. April 6th, 2009  - Acquisitions Riyadh Saudi Arabia - SABIC timed GE Plastics purchase wrong Saudi Basic Industries Corporation (SABIC) vice chairman and CEO Mohamed Al-Mady said recently that the company's timing of buying GE Plastics wasn~{!/~}t good, according to the Saudi newspaper Al-Riyadh. SABIC paid US$11.6 billion for the plastics arm of US company General Electric in 2007, after a highly competitive bidding process involving a number of other major companies. At the time of the purchase Al-Mady said: ~{!0~}This business is complementary to our existing business without any overlaps. SABIC~{!/~}s intention is to grow the business globally. SABIC is well-positioned to do this, while adding high-performance plastics to the product range currently offered to our customers." Al-Mady who was awarded the 2009 Petrochemical Heritage Award at the American National Petrochemical & Refiners Association's International Petrochemical Conference in San Antonio, Texas, said that the petrochemical industry is facing a tough time, but "we are confident about the future of the industry". "So much depended on the banking situation, and when financial institutions found the appetite to resume lending to investors things will improve," he added. GE Plastics known in the cable industry for its flame-retardant Flexible Noryl(1) resin for wire coating and insulation and a line of high-performance specialty compounds . March 12th, 2009  - Acquisitions Pawtucket Rhode Island - Teknor Color sells its PVC colorant segment business to Breen Color Concentrates Teknor Color Company has sold the PVC segment of its colorant business to Breen Color Concentrates, Lambertville, NJ, it was announced today by Teknor Color. The sale, for an undisclosed sum, includes Teknor Color formulations and customer lists for PVC colorants produced at the company~{!/~}s facility in Attleboro, MA. The business will be merged with the PVC colorant business of Breen as part of the formation of East Coast Colorants, a new company established by Spell Capital Partners, LLC, which has purchased Breen.The sale does not affect Teknor Color~{!/~}s other manufacturing locations in Henderson, KY and Jacksonville, TX, according to Jonathan Riley, Teknor Color vice president and business director, who noted that the Attleboro plant is Teknor Color~{!/~}s oldest. Last month, the company completed a roughly $1-million dollar project that doubled the size of the Henderson plant, including construction of a new facility for producing dry color, plus de-bottlenecking of existing capacity. See Extended Story.. February 23rd, 2009  - Acquisitions Milan Italy - Prysmian says unaware if Taihan has hiked stake. Italian cable maker Prysmian SpA said on Thursday it was not aware of any move by South Korea's Taihan Electric Wire Co Ltd to buy shares in it beyond the 9.9 percent stake acquired in November 2007. Prysmian issued a statement in response to reports that Taihan had said it had invested in financial products that would give it a further 18.5 percent stake in Prysmian. The Italian company said Taihan had never told Prysmian that it had increased its stake beyond 9.9 percent. Prysmian said it had been told by the South Korean company that equity swaps it had entered into were to be settled exclusively in cash. Taihan, which is not represented on the Prysmian board, said in November 2007 that it would not take any role or exercise any influence on Prysmian's management for two years. Taihan acquired its 9.9 percent stake in Prysmian from Goldman Sachs, which still owns 31.8 percent of Prysmian. January 28th, 2009  - Acquisitions Magnano in Riviera Italy - Sidenor buys 34% stake in AWM for 2.6 million euros. Sidenor SA on Monday announced the purchase of a 34-pct equity stake in Italian company A.W.M. S.p.A for 2.6 million euros. Automatic Wire Machines (A.W.M.) was founded in 1987 in northern Italy and is a pioneer in the design and development of custom-made hi-tech engineering applications in the production and processing of steel. The purchase is part of Sidenor's strategy to develop new products and services with significant added value and to expanding its activities. December 20th, 2008  - Acquisitions Shanghai China - ArcelorMittal to pay $217 million of Valin share placement ArcelorMittal, the world's largest steelmaker, will pay up to 1.48 billion yuan ($217 million) to subscribe for shares in Hunan Valin Steel Tube & Wire Co, the Chinese mill said on Friday. Valin said it planned to issue 3 billion yuan worth of new shares in a private placement. Its state-owned parent Valin Iron and Steel Group will pay assets and cash to subscribe for 50.67 percent and ArcelorMittal will pay for the reminder in cash. Valin Iron and Steel Group will remain as its largest shareholder after the placement, and ArcelorMittal, which already holds a minor stake in the company, will remain its second-biggest shareholder, Valin said. Valin expects it will gain stakes in two major steel mills under its state-owned parent and an additional cash supply of 1.88 billion yuan, which will be used in five facility upgrade projects after the share placement. Valin said in a statement posted in the official China Securities Journal that it had not settled the offering price of the additional shares, but the price would not be lower than 90 percent of the average price over the past 20 trading days. November 14th, 2008  - Acquisitions St. Paul Minnesota - 3M announces agreement to acquire Grafoplast S.p.A Diversified technology company 3M (NYSE:MMM) announced on Wednesday (12 November) that the company has entered into an agreement to acquire Grafoplast S.p.A, a manufacturer of wire identification systems for the wire and cable market based in Italy. 3M said that Grafoplast's range of electrical permanent marking products complements the company's existing range of tape marking system products and will help it to better serve the wire and cable markets. 3M and Grafoplast together will reportedly offer a complete marking system solution for 3M's customers globally. Financial details of the transaction were not disclosed. November 12th, 2008  - Acquisitions Mumbai India - Tata Steel looks to buy wire firms Tata Steel is scouting for acquisition of wire-manufacturing companies in Europe to boost capacity of Corus. Anglo-Dutch steel-maker Corus, which was acquired by the Tata Group company, manufactures wire rods. A senior executive of Tata Steel said the move is in tandem with the group's plan to become the third largest player in the wires segment. Tata Steel has been following a new strategy, where the primary product is manufactured closer to the raw material site, while the finished product will be closer to the market. The wire division is a strategic business unit of Tata Steel and the company also operates a subsidiary in Sri Lanka. Tata Steel's Tarapur and Jamshedpur plants together manufacture 300,000 tonnes of wire, which is being increased to 450,000 tonnes. "The capacity increase would be completed by the first quarter of the next financial year," said the executive. See Extended Story.. November 11th, 2008  - Acquisitions Nuremberg/Moscow - Leoni accomplishes market break-through in Russia The Wiring Systems Division of the wire, cable and wiring systems specialist Leoni is taking over the wiring systems business of the Russian automotive component supplier Itelma related to international producers. Furthermore, the company receives the first order from the commercial vehicle manufacturer Kamaz. The agreement between Itelma and Leoni confirms the purchase of Itelma’s wiring harness business related to international manufacturers of passenger cars and light truck vehicles. The wiring systems business for Russian carmakers remains with Itelma. See Extended Story.. November 5th, 2008  - Acquisitions - Lihua International completes acquisition in PRC Bi-metallic conductor wire industry. Lihua International, Inc. announced Sunday the completion of a share exchange transaction with Magnify Wealth Enterprise Limited, in which Lihua International issued 14,025,000 shares of its common stock to Magnify Wealth in exchange for 100% of the equity interests of Ally Profit Investments Limited, a British Virgin Islands company, with operating two subsidiaries in the People's Republic of China. Danyang Lihua Electron Co., Ltd. ("Lihua Electron"), located in the PRC, is a leading value-added manufacturer of bimetallic composite conductor wire, such as copper clad aluminum ("CCA") fine wire, CCA magnet wire and CCA tin plated wire. Lihua Electron sells to distributors in the wire and cable industries and to manufacturers in the consumer electronics, white goods, automotive, utility, telecommunications and specialty cable industries. Jiangsu Lihua Copper Industry Co., Ltd. ("Lihua Copper"), the Company's other PRC subsidiary, which the Company anticipates will begin operations prior to the end of 2008, will utilize refined, or recycled, copper to manufacture and sell low content oxygen copper cable and copper magnet wire to Lihua Electron's existing customer base. November 5th, 2008  - Acquisitions Austin Texas - Entrada Group announces strategic contract with Cable Manufacturing & Assembly Co., Inc. and Axiom North America. Entrada Group is pleased to announce that both Cable Manufacturing & Assembly Co., Inc. and Axiom North America have contracted with Entrada to provide integrated outsourcing services to assist in the transition, start-up, and management of their new operations at Entrada Group's Industrial Park in Fresnillo, Zacatecas, Mexico. Both companies plan to utilize their first Mexican operations to produce products for both re-export to the United States and Canada as well as potentially supplying other Original Equipment Manufacturers (OEMs) located throughout Mexico. See Extended Story.. October 3rd, 2008  - Acquisitions Moscow Russia - Russpetsstal affiliates prepare for possible purchase of Pilsen Steel from OMZ Companies close to state-owned steel holding Russpetsstal, have begun preparations for the possible purchase of Czech steelmaker Pilsen Steel from United Heavy Machinery (OMZ). NPO Bummash reported that on November 5 its shareholders will be asked to consider guarantees of 73.5 million euros for United Pilsen S.A. to OMZ subsidiaries OMZ B.V. (Amsterdam) and Middle Estates (Prague) in a deal involving "purchase- sale of shares." OMZ B.V. and Middle East earlier emerged as the sellers of 100% of Pilsen Steel and Pilsen Estate. OMZ shareholders on September 1 approved guarantees of up to 60 million euros for OMZ B.V. and Middle Estate under a possible deal to sell the Czech firms. See Extended Story.. October 2nd, 2008  - Acquisitions Paris France - Nexan closes Madeco acquisition Nexans, announced the closing, on September 30, of the acquisition of the cable business of Madeco, the cable market leader in South America, following the signing of a final agreement with Madeco on February 21st, 2008. (see wirenews November 16th, 2007 - Nexans signs a frame work agreement to acquire the cable business of Madeco). With this acquisition, Nexans acquires a leading position in energy cables in a high growth area. This acquisition has been financed through: - the issuance to Madeco of 2.5 million shares of Nexans, with Madeco being committed not to transfer its shares until September 30, 2009 - a combination of cash payment and assumption of debt in the total amount of 448.5 million USD (subject to adjustment based on final accounting statements as of September 30, 2008). Further to the issuance of 2.5 million shares of Nexans, Madeco holds approximately 9% of the share capital of Nexans. In accordance with the eighth resolution adopted at the annual shareholders' meeting of Nexans on April 10, 2008, Mr. Guillermo Luksic, Chairman of Madeco, has been appointed to the board of Nexans for a 4-year term, effective as of September 30, 2008 September 24th, 2008  - Acquisitions Pune India - Sterlite Tech in talks to buy UK firm Sterlite Technologies, promoted by Anil Agarwal of the Vedanta Resources fame, is reportedly in advanced talks to acquire UK-based cable company Brand Rex for about US$55mn. The acquisition, advised by PricewaterhouseCoopers (PwC), could be announced about four weeks after completion of formalities, a leading business daily says. Sterlite Technologies has declined to comment on the report. Brand-Rex provides cabling systems that connect technical equipment in offices and data centres. It was acquired by Murray Capital, the private equity arm of Murray International Holdings in February. Brand-Rex is Europe’s leading data communication cabling systems provider. It supplies cabling systems to support IT networks across various sectors, such as finance and education. It employs nearly 400 people. Sterlite Technologies, controls 46% share of the Indian optical market and 4% share of the global optical market. September 11th, 2008  - Acquisitions Glenview Illinois - World Class Wire & Cable to be acquired by Anixter World Class Wire & Cable Inc. a Waukesha distributor of electrical wire and cable, has tentatively agreed to be purchased by Anixter International Inc. for more than $60 million. World Class Wire generates approximately $60 million per year in annual sales from its operations in Waukesha. Glenview, Ill.-based Anixter International a global distributor of communication products, electrical and electronic wire & cable, fasteners and other small parts announced Tuesday that it entered into a letter of intent to acquire World Class Cable at an anticipated price of $62 million in cash, plus trade liabilities for all of the assets and operations of World Class. See Extended Story.. September 8th, 2008  - Acquisitions Irving Texas - Commercial Metals Company completes acquisition of Reinforcing Post-Tensioning Services, Inc. and affiliates Commercial Metals Company headquartered in Irving, Texas, announced Friday that it had completed the acquisition of substantially all the operating assets of Reinforcing Post-Tensioning Services, Inc. (RPS), Regional Steel Corporation, and RPS Cable Corporation based in Claremont, California. RPS is a fabricator and installer of concrete reinforcing steel, post-tensioning cable and related products for commercial and public construction projects with facilities in Fontana and Tracy, California, and Las Vegas, Nevada, with an annual capacity of approximately 150,000 tons. The acquired assets will operate as CMC Regional Steel and CMC Cable under the CMC Americas Fabrication and Distribution segment. August 29th, 2008  - Acquisitions Glenwiew Illinois - Anixter International Inc. Announces the Acquisitions of Sofrasar and Camille Gergen Anixter International Inc., a major global distributor of communication products, electrical and electronic wire & cable, fasteners and other small parts today announced that it had acquired all of the outstanding shares of Sofrasar SA ("Sofrasar") and partnership interests and shares in Camille Gergen GmbH & Co, KG and Camille Gergen Verwaltungs GmbH (collectively "Gergen") from the Gergen family and management of the entities. Sofrasar is headquartered in Sarreguemines, France and Gergen is based in Dillingen, Germany. Both companies are fastener distributors that will complement Anixter's product offering along with offering a broad array of value-added services and supply chain management programs to Original Equipment Manufacturers ("OEMs") in a number of vertical markets. Anixter is paying approximately $40 million in cash and assuming approximately $19 million in debt for all of the outstanding shares and partnership interests of these two companies. The combined annualized sales for these businesses are expected to be in excess of $110 million in 2008. See Extended Story.. August 27th, 2008  - Acquisitions Charlotte, North Carolina. - Nucor acquires Ambassador Steel Corporation Nucor Corporation announced Tuesday that its wholly owned subsidiary, Harris Steel, Inc., has completed the acquisition of the stock of Ambassador Steel Corporation, based in Auburn, Indiana, for a cash purchase price of approximately $185 million. The transaction includes the shares of Ambassador's affiliate, Delta Erecting. At closing, Harris Steel also repaid Ambassador's bank debt of approximately $136 million, which primarily financed the company's working capital requirements. Ambassador's working capital, excluding this debt, was approximately $165 million at the end of July. See Extended Story.. August 10th, 2008  - Acquisitions Glenview Illinois - Anixter acquires two companies Communications products distributor Anixter International Inc. said Monday that it acquired the assets and operations of QSN Industries Inc. and all outstanding shares of Quality Screw de Mexico SA. Anixter, which distributes wire, cable, fasteners and other small parts for the communications industry, will pay approximately $80 million in cash for the two companies. QSN, which distributes and manufactures fasteners for original equipment manufacturers, operates 13 facilities in Alabama, Arizona, Georgia, Illinois, Michigan, Ohio, South Carolina, Tennessee and Texas. Its manufacturing facility is located in Wood Dale, Illinois. August 10th, 2008  - Acquisitions Moscow Russia - Severstal unit buys Italian wire-rope producer Redaelli Tecna Severstal-metiz Group, Severstal's steel wire and wire products division, announced Monday that it had acquired Italian-based wire-rope producer Redaelli Tecna, as cash-heavy Russian metals firms look to expand abroad. The value of the deal was not disclosed, but analysts estimated it at 60 million euros to 100 million euros ($93 million to $156 million). The companies said synergies would allow them to save 10.3 million euros ($16 million) over the next five years. Severstal said it would help the Italian firm to distribute in the former Soviet Union, while Redaelli said it would bring the Russian side closer to its European customers. See Extended Story.. August 10th, 2008  - Acquisitions London U.K. - Mittal's Chinese plan for majority stake thwarted ArcelorMittal has been forced to put its plans for taking a majority stake in a Chinese steelmaker on hold, frustrating the ambitions of the world's biggest steelmaker in the largest steel market. Lakshmi Mittal, chairman, chief executive and main shareholder of ArcelorMittal, told the Financial Times that it looked as if his company would have to settle for a stake of just under 30 per cent in China Oriental, even though it had at one time appeared confident of holding more than 70 per cent. "We may have to accept less than we wanted," Mr Mittal said. "If this happens, I will be disappointed. But a stake in the company of 30 per cent or so still is very useful for us." See Extended Story.. July 26th, 2008  - Acquisitions Seoul Korea - LS Corp. and LS Cable announce antitrust clearances for Superior Essex tender offer LS Corp. and its subsidiary LS Cable Ltd. announced today that the relevant antitrust waiting periods have expired or clearances have been obtained in the United States, Germany and Spain with respect to their subsidiary’s pending $45.00 per share cash tender offer for all outstanding shares of Superior Essex Inc. As a result, the only remaining antitrust condition of the tender offer is clearance by the relevant authorities in China. The review period in China is scheduled to expire at 5:30 AM on Thursday, July 31, 2008. The tender offer is scheduled to expire at 5:00 PM (New York time) on Wednesday, July 30, 2008, unless extended. Subject to the timely receipt of the clearance in China and the satisfaction of all other conditions to the tender offer, including the minimum tender condition, LS Corp. expects that all Superior Essex shares that have been validly tendered and not withdrawn prior to the expiration of the tender offer will be accepted for payment prior to 9:00 AM (New York time) on Thursday, July 31, 2008. The terms and conditions of the tender offer are set forth in the Offer to Purchase dated July 1, 2008 and the related Letter of Transmittal. See Extended Story.. July 17th, 2008  - Acquisitions Midland, Michigan - Dow Chemical to buy Rohm and Haas for $15.3 billion Dow and Rohm and Haas announced Wednesday a definitive agreement, under which Dow will acquire all outstanding shares of Rohm and Haas common stock for $78 per share in cash. The acquisition of Rohm and Haas will make Dow the world’s leading specialty chemicals and advanced materials company, combining the two organizations’ best-in-class technologies, broad geographic reach and strong industry channels to create an outstanding business portfolio with significant growth opportunities. The transaction marks a decisive move in Dow’s transformation into an earnings growth company with reduced cyclicality. Last December, Dow announced a joint venture with Petrochemical Industries Company of the State of Kuwait (PIC). With the collective impact of these two deals, performance products and advanced materials will represent 69 percent of Dow’s total sales, on a 2007 pro forma basis, compared with 51 percent prior to these transactions. Financing for the acquisition includes an equity investment by Berkshire Hathaway and the Kuwait Investment Authority in the form of convertible preferred securities for $3 billion and $1 billion respectively. Debt financing has been committed by Citi Group, Merrill Lynch and Morgan Stanley who acted as financial advisors on the transaction. See Extended Story.. July 16th, 2008  - Acquisitions Kiev Ukraine - Ukraine to Protest Mittal Steel Agreement on Purchase of Kryvorizhstal in Court The Ukrainian Property Fund has sent the government a letter informing it about several investment commitments that were not fulfilled in 2007 by Mittal Steel Germany GmbH as part of an agreement it signed on the purchase of a 93.02% stake in steelmaker Kryvorizhstal (now Arcelor Mittal Kryviy Rih) and has requested that 72.725 million hryvni be allocated for court processes on the annulment of this agreement, the fund said on Monday. Arcelor Mittal Kriviy Rih specializes in long products, in particular rebar and wire rod. Its main markets outside the CIS are the Middle East, Europe (EU and non-EU), Algeria and other African countries. July 10th, 2008  - Acquisitions Thun, Switzerland - Schleuniger Group Acquires PAWO AG The Schleuniger Group, based in Thun, Switzerland, a supplier of wire processing machines, has acquired PAWO Systems AG, headquartered in Unterägeri, Switzerland. PAWO has a staff of about 100 employees with sales of 25 million CHF. For PAWO, this step means an early succession for the current ownership. For Schleuniger, it is a strategic development which will further enhance their position in the market. The purchase price will not be disclosed. Like Schleuniger, PAWO develops and produces precision, machines for the global wire processing market. PAWO specializes in machines for the automatic assembly of loose parts to wires, especially automatic and semi automatic installation of weather seals. This kind of technology is used traditionally by the automotive industry. In addition, PAWO offers shuttle and conventional transfer-machines used to solve complex wire processing, assembly and quality testing. For full press release use this link July 9th, 2008  - Acquisitions Camden New York - International Wire retains Jefferies & Company to assist in strategic alternatives evaluation International Wire Group, Inc. announced Tuesday that it has retained Jefferies & Company, Inc. as its exclusive financial advisor to assist the Company in evaluating strategic alternatives, including a possible sale of the Company. Mark K. Holdsworth, Chairman of the Company’s Board of Directors, said, “Under CEO Rodney D. Kent’s leadership, International Wire has made great progress by selling the Insulated Wire business, reducing the operating costs of its core Bare Wire business, improving European operations, acquiring additional low-cost capacity, and acquiring the High Performance Conductors, Hamilton Products and Global Wire businesses. The Company’s geographic presence, markets and products have all been successfully expanded and the balance sheet has been strengthened through significant debt reductions. We are now hiring Jefferies to help us analyze the various strategic alternatives in front of us, so that we can choose the path forward that most enhances shareholder value.” The Company emphasizes that it is unable to predict if this review of strategic alternatives will result in any transaction. The Company does not expect to make further public comments with respect to this announcement unless such review of strategic alternatives results in a transaction. See Extended Story.. July 8th, 2008  - Acquisitions Tokyo Japan - NEC, Sumitomo Elec to buy cable firm from Longreach Japan's NEC Corp and Sumitomo Electric Industries said on Tuesday they would buy a Japanese submarine cable maker from an investment fund managed by the Longreach Group to secure a stable supply of optical cables. NEC, which is betting on growing demand for fiber-optic connections, plans to take about 75 percent of OCC Corp's holding company, with Sumitomo Electric taking the remaining 25 percent. Both firms declined to comment on the price of the deal, to be completed later in July. Longreach bought restructuring OCC from the state-owned turnaround fund Industrial Revitalization Corp of Japan in 2006. In 2004, the IRCJ had invested 1.5 billion yen in OCC, as well as taken on its 12.1 billion yen in debt, of which 8.08 billion yen was forgiven by creditors. OCC had sales of 17.5 billion yen in the year ended in March and is now in the black, NEC spokesman Takehiko Kato said. NEC, which holds a 20 percent share of the global undersea cable market, hopes the acquisition will help it expand its cable sales to Tyco and Alcatel-Lucent , which each hold about a 40 percent market share. July 3rd, 2008  - Acquisitions Highland Heights Kentucky - General Cable acquires majority position in Philippine joint venture General Cable Corporation, and its joint venture partner, A. Soriano Corporation (Anscor), announced Monday that the Company has increased its equity ownership in Phelps Dodge Philippines, Inc. (PDP) from 40% to 60%. PDP is a joint venture established in 1955 by Anscor, a Philippine public holding company with diverse investments, and Phelps Dodge International Corporation (PDIC), a subsidiary of the General Cable which was acquired in the fourth quarter of 2007. PDP reported revenues of about $100 million in 2007. See Extended Story.. July 2nd, 2008  - Acquisitions New Berlin, Wisconsin - IEWC buys California wire & cable distributor Industrial Electric Wire and Cable (IEWC), New Berlin, Wisconsin has concluded an Asset Purchase Agreement with Control Master Products (CMP) of Concord, California. CMP is a UL and CSA certified stocking distributor of wire, cable and wire management products; providing value added services including the striping, dyeing and cutting of wire and cable. Founded in 1968 by Walter C. Permann, Control Master Products services and supports the needs of the OEM and Sub-assemblers located principally in Northern California and the Pacific Northwest Region of the USA. The transaction closed on June 30, 2008. For full press release use this link June 19th, 2008  - Acquisitions Lima Peru - China about to corner the copper market through strategic mining acquisitions. The strategy is similar to Imperial Britain's. Secure the supply of natural resources the country's industry needs by exploration and development of mines in the Empire. Chinalco is China's AngloAmerican with one difference it has no territorial plans or ambitions. In February Chinalco bought a 9% stake in Rio Tinto in a strategic move to derail BHP Billitons takeover plans and secure iron ore supplies In Zambia and in Kataganga the Chinese are buying up the copper resources. See April issue of Wire & Cable Business review and in Peru Chinalco just closed a deal to acquire the mining rights of Mount Toromocho, located 86 miles (138km) from Lima. The mountain is almost entirely composed of copper ore: two billion tonnes of it. When open-cast mining begins, in three or four years, a Chinese mining company, Chinalco, will send the copper back home to be turned into electrical wire. The Peruvian government is happy with the $3billion that Chinalco will invest in the Toromocho mines. The Chinese will be even happier. They have got themselves a bargain. The copper Chinalco extracts from Toromocho will cost something like US$410 per ton. Yesterday, the price for copper on the London Metal Exchange was $ 8,180.00 - 20 times more. Chinalco hence stands to make a 2,000% profit on its investment. See Extended Story.. June 18th, 2008  - Acquisitions San Francisco - Lombard Invests US$15 Million in Taiwan's San Shing Fastech Corporation. Lombard Investments, Inc. announced a $15 million investment in Taiwan-based San Shing Fastech Corporation ("San Shing" or the "Company"), one of the world's leading manufacturers of high quality automotive fastener systems. The transaction closed on May 28, 2008. The Company will use the proceeds to expand its product line and enter new markets. Lombard will join the Company's board of directors. Mr. Thomas J. Smith, Managing Director of Lombard, said, "Lombard is very pleased to become a long-term investor in San Shing. The Company enjoys an extraordinary reputation for high quality and creative engineering, and is very well positioned for growth in the global automotive parts industry. We look forward to many years of fruitful co-operation with San Shing." Mr. Ko Chi-Yuan, Chairman of San Shing said, "San Shing also looks forward very much to a long term partnership with Lombard." About San Shing Fastech Corporation: San Shing was founded in Taiwan in 1965, and listed on the Taiwan OTC in 1998. The Company employs more than 1,100 skilled workers at its manufacturing facilities in Tainan Hsein, Taiwan. The Company operates as a fully integrated manufacturer, designing and producing tooling dies and production machinery, in addition to automotive fastener systems. BMW, Ford, GM and Mercedes-Benz are counted among end users of the Company's products. June 14th, 2008  - Acquisitions Charlotte North Carolina - Nucor to Acquire Ambassador Steel Corporation Nucor Corporation announced Friday that its wholly owned subsidiary, Harris Steel, Inc., has signed a Purchase Agreement to acquire all of the issued and outstanding common shares of Ambassador Steel Corporation ("Ambassador"), based in Auburn, Indiana, for a cash purchase price of approximately $185,000,000. The transaction will also include the shares of Ambassador's affiliate, Delta Erecting, Inc. Completion of the acquisition is contingent upon receipt of regulatory approvals, satisfactory completion of due diligence, and fulfillment of other customary closing conditions. The transaction is expected to close during the third quarter of 2008. See Extended Story.. June 14th, 2008  - Acquisitions Maryville Missouri - LMP-NUCOR acquisition LMP Steel and Wire would like to announce that we have entered into an agreement with Nucor Corp. that will allow them to acquire substantially all of the LMP Steel and Wire Company assets. The acquisition is expected to close during the third quarter of this year. We would like to extend a sincere thank you to all of our business associates who have supported LMP over the years. We sincerely appreciate your loyalty and look forward to providing even better products and services as Nucor – LMP See Extended Story.. June 11th, 2008  - Acquisitions Seoul Korea - LS Cable seeks $750 million for Superior Essex bid South Korea's LS Cable Ltd is eyeing a bid for Nasdaq-listed wire and cable maker Superior Essex Inc and is seeking roughly $750 million in financing, sources familiar say. LS Cable has yet to sign any formal sale and purchase agreement with the target, but is already in talks with selected domestic and foreign banks in South Korea to help arrange the financing, said the banking sources, who declined to be identified given the sensitivity of the matter. Superior Essex has a market value of $887 million, while LS Cable is worth $3.28 billion. See Extended Story.. June 7th, 2008  - Acquisitions Milan Italy - Prysmian buys German cables manufacturer Facab Lynen Italian cables manufacturer Prysmian announced it has closed a deal to buy German cables manufacturer Facab Lynen Gmbh & Co for €29 million, including debt of €13m and pension fund liabilities. With sales of €62m in 2007, one manufacturing plant and 270 employees, Facab-Lynen is a German leading player in the higher value-added market of industrial cables, in particular for renewable energy, transport and mining sectors. Prysmian, which already operates two cable plants in Germany, said it intends to increase production capacity at Facab Lynen and integrate it into its group facilities. June 5th, 2008  - Acquisitions Camden New York - International Wire agrees to acquire the U.S. operations of Global Wire Inc. and equipment owned by an affiliate International Wire Group, Inc. (Pink Sheets: ITWGK) today announced that it has entered into an agreement to acquire the U.S. assets and operations of Global Wire Inc. (~{!0~}Global Wire~{!1~}) and certain equipment owned by an affiliated company. Under the terms of the asset purchase agreement, International Wire Group, Inc. (~{!0~}IWG~{!1~}) will acquire the assets and operations of Global Wire~{!/~}s plants located in Littleton, New Hampshire and Jewett City, Connecticut. The Littleton, New Hampshire plant will be purchased outright, and the Jewett City, Connecticut plant will be leased, with an option to purchase at a later date. In addition, certain equipment being purchased will be moved from Israel to the U.S. plants. These operations serve the aerospace, electronics and data communications and industrial markets. See Extended Story.. June 3rd, 2008  - Acquisitions Mumbai, India and Tucson Arizona - Sterlite Industries (India) Limited to purchase operating assets of ASARCO LLC for $2.6 billion Sterlite Industries (India) Limited (“Sterlite”), a subsidiary of Vedanta Resources plc, the London-based FTSE 100 metal and mining group, and ASARCO LLC (“Asarco”), a Tucson based mining, smelting and refining company, announced today that they have signed a definitive agreement for the sale to Sterlite of substantially all the operating assets of Asarco for $2.6 billion in cash. The agreement is subject to the approval of the U.S. Bankruptcy Court for the Southern District of Texas, Corpus Christi Division, and the sale will conclude Asarco’s Chapter 11 case. See Extended Story.. June 3rd, 2008  - Acquisitions Roanoke Virginia - Optical Cable Corporation Acquires SMP Data Communications. Optical Cable Corporation announced Monday that it has acquired Superior Modular Products Incorporated (doing business as SMP Data Communications), a leading supplier of fiber optic and copper connectivity products for the data communications industry. The transaction was consummated on May 30, 2008, and now SMP Data Communications is a wholly owned subsidiary of Optical Cable Corporation. See Extended Story.. May 30th, 2008  - Acquisitions Paris France - Nexans acquires Intercond, a leading European manufacturer of special cables Nexans, the worldwide leader in the cable industry, today announced it has signed a agreement for the acquisition of the Italian company Intercond, a leading European manufacturer of special cables, mainly for industrial equipment including subsea activities. The acquisition of this company, which sales totaled 60 million euros (at current metal prices) in 2007 and currently employs 150 people, will come as a complement to the Group~{!/~}s existing business units based in Europe, making of Nexans one of the worldwide leaders in both above mentioned activities. The 90 million euros Enterprise Value agreed by both parties, corresponds to 5 to 6 times the expected 2008 EBITDA (before synergies). This operation will be accretive in the first full fiscal year. "This acquisition fits totally in the Group~{!/~}s strategy by increasing the portion of its business in high value-added special cables", said G~{(&~}rard Hauser, Chairman and CEO of Nexans. This operation is expected to close in the third quarter of 2008. May 13th, 2008  - Acquisitions Milwaukee Wisconsin - Emteq buys Cable Technologies of Montana Emteq Inc., a New Berlin producer of lighting and wiring systems for the aviation industry, has purchased Cable Technologies of Montana Inc. for an undisclosed amount. Cable Technologies, Great Falls, Mont., is a designer and manufacturer of wire and cable-related assemblies. The deal "significantly" expands Emteq's product and service offerings to the military market, Emteq said in a press release. Emteq specializes in avionics systems, interior lighting and exterior lighting products for applications in the military, corporate, VIP, helicopter and air transport market. The transaction closed May 9, Emteq said. May 10th, 2008  - Acquisitions Calcutta, India - Ramsarup ready for foreign acquisitions Ramsarup Industries Ltd has set aside Rs 250 crore for a possible overseas acquisition of a steel wire facility local media said Friday. The company, one of the top three players in the wire business in India, is looking at a 100,000-tonne unit in Southeast Asia. ~{!0~}We have been talking to some parties. It is yet to materialize,~{!1~} Ashish Jhunjhunwala, chairman and managing director of Ramsarup Group, said. The company aims to be one of the top 10 producers of wires globally. The acquisition will help the company reach this target, he said. "Moreover, we will be able to reach the customers in those markets faster than with wires produced in India. The distribution channel will be a big plus," he said. Ramsarup~{!/~}s bigger competitors in India, Usha Martin Ltd and Tata Steel, already have a global presence. Back home, the company plans to ramp up production. It makes 225,000 tonnes of wires at Kalyani. Ramsarup~{!/~}s Durgapur unit has just started production with an initial capacity of 55,000 tonnes. It plans to increase production to 400,000 tonnes over the next two years. See Extended Story.. May 9th, 2008  - Acquisitions London U.K. - Melrose agrees to acquire FKI for 478 Million Pounds Melrose Plc has agreed to buy FKI Plc, parent of Bridon Europe's biggest maker of wire rope for 478 million pounds ($945 million) in cash and shares. FKI has faced breaking up the group to cope with debt of 354 million pounds. Melrose, which buys and sells manufacturers after improving their performance, has secured a 750 million-pound banking facility to refinance both companies' borrowings. "This offer delivers a resolution to the issue of the future funding package for FKI," Michael Hodgkinson, senior independent director at FKI, said on a conference call with journalists. "What Melrose now has to do is solve the issues which the FKI management promised to do but has taken well too long and that is to get the debt down," analysts said. "There are things they can do like selling off businesses which they clearly will do. It's possible they would sell either Bridon, the lifting equipment business, or Brush, the turbo generator business, both of which are trading very strongly indeed." May 6th, 2008  - Acquisitions London U.K. - ArcelorMittal in talks with Angang Steel ArcelorMittal, the world’s biggest steel producer, has held informal discussions with Angang Steel about working with China’s second-largest steel company in an effort to extend its presence in the country. Lakshmi Mittal, the Indian billionaire chief executive and main owner of ArcelorMittal, proposed buying a near 25 per cent stake in Angang to Zhang Xiaogang, Angang’s chairman, in a private meeting just over two months ago. Although financial terms were not discussed, a 25 per cent stake in Angang would cost ArcelorMittal at least $5bn, according to Angang’s current market valuation. While Mr Zhang turned down Mr Mittal’s suggestion that ArcelorMittal should be allowed to take a 20-30 per cent stake in the government-controlled company, he told the Financial Times he would be keen in principle to allow the Luxembourg-based company a much smaller shareholding in Angang of 1-2 per cent. He was also open to co-operating with ArcelorMittal, for instance in new steelmaking or mining projects. April 29th, 2008  - Acquisitions Caracas Venezuela - Negotiating Chavez style Ternium to accept deal or face takeover Mr Hugo Chavez president of Venezuela has advised Ternium SA they should should accept a fair' price for the nationalization of its 60% stake in Sidor immediately or face expropriation because shareholders are demanding excessive compensation for the company's nationalization. Mr. Chavez said that he is prepared to occupy the company's facilities later today (April 29th 2008) should the company and the government fail to reach an agreement during a final meeting. He said "I will sign the expropriation decree and take control immediately of the company. I have no problem doing it." Venezuelan government has put t values Ternium's Siderurgica del Orinoco unit, known as Sidor, at USD 800 million. Ternium bought its stake in Sidor in 1997 for USD 1.5 billion and had asked for between USD 3.2 billion and USD 4.8 billion. Sidor is 60% owned by Ternium, 20% by the Venezuelan government and another 20% by current and ex workers. Ternium SA is controlled by Argentine Italian conglomerate Techint Group. It produces about 85% of the 5 million tonnes of steel produced annually in Venezuela. April 16th, 2008  - Acquisitions Hamburg Germany - Squeeze-out completed at Cumerio Norddeutsche Affinerie AG (NA) has successfully completed the squeeze-out at Cumerio NV/SA (Cumerio) and now holds all of the shares. Cumerio shares are now no longer listed on the Euronext Brussels. The full consolidation of Cumerio as of 31 March 2008 enables NA to implement all the targeted synergies. The work of the more than 30 integration teams of members of NA and Cumerio staff is meanwhile showing the first positive results. The works in Hamburg and in Pirdop, Bulgaria, have been able to achieve savings by joint procurement activities. "I am delighted about the extraordinary commitment shown by the teams. We are very pleased with the progress in the integration process. We are already expecting to achieve significant synergy effects this year", said Dr Bernd Drouven, NA's Chief Executive Officer. The new group will, above all, utilize all the growth opportunities and, apart from earnings from bundling procurement and marketing processes, achieve enhanced performance and capacity utilization at the respective production sites. The Cumerio takeover has created Europe~{!/~}s largest copper group. The 12 production sites in seven European countries had some 4,700 employees at the end of 2007. The pro forma revenues of 2007 reached about € 9.8 billion. The interim report on the second quarter of the current fiscal year 2007/08, the first joint report of the new group, will appear on 30 May 2008. April 14th, 2008  - Acquisitions Lexington Massachusetts - The Watermill Group acquires C&M Technologies Group, Inc. The Watermill Group announced today that it has acquired C&M Technologies Group, Inc. d.b.a. C&M Corporation ("C&M"), a leading manufacturer of custom cable, coil cords and cable assemblies. With manufacturing capabilities in the United States and Mexico, C&M is well positioned as a top supplier of specialized cabling solutions to Fortune 500 companies in the industrial, medical, defense, multimedia, datacom and data collection industries. Headquartered in Wauregan, Connecticut, C&M has transformed from a wire salvage business in its formative years into a premier manufacturer of high performance cable products. William Mueller, Chief Executive Officer of C&M, will continue to lead the management team. "This transaction marks an important milestone in the development of the firm," said Mueller. "Founded in 1964 by my father, Warren Mueller, C&M has experienced significant growth under our stewardship and is well positioned in the current marketplace. We are confident that the partnership with Watermill Group will be a great asset in supporting our management team and further increasing the level of service and value provided to our customers." April 10th, 2008  - Acquisitions Moscow Russia - Mechel announces purchase of 100% stake in Ductil Steel Mechel OAO Russian mining and metals companies, announces its purchase of 100% stake in Ductil Steel of Romania. The purchase is in line with further strategic development of Mechel's steel segment, and is also aimed at maintaining Mechel's position in the Romanian rolled and wire product markets of Romania. On March 28, 2008, Mechel's subsidiary, Mechel International Holdings AG, Switzerland, received approval from the Romanian Antimonopoly Committee to acquire the sole control of Ductil Steel. On April 8, 2008, Mechel acquired 100% of the charter capital of Ductil Steel for EUR 142.0 million (USD 221.0 million). The purchase price includes 180,000 ordinary shares from Lakewind Limited. Ductil Steel has the following production facilities: Ductil Steel Buzau plant (Buzau, Romania), which produces carbon and low alloyed steel rolled and wire products and Otelu Rosu plant (Otelu Rosu, Romania) which produces steel and billets for rolling, which are supplied to Ductil Steel Buzau and to third parties both domestically and abroad for further processing. See Extended Story.. April 8th, 2008  - Acquisitions Ikeja Nigeria - Shoreline acquires 60% stake in Nigerian Ropes Shoreline Energy International has acquired 60 per cent stake in the Nigerian Rope Plc, a company listed on the Nigerian Stock Exchange (NSE). The acquisition marks shoreline's entry into the Wire Rope market in sub-Saharan Africa. The market for wire ropes and value added products in sub-saharan Africa is exploding. According to the managing director of the Nigerian Ropes Plc, Mr Carlo Bertani, "We are pleased to join the world class management team at Shoreline through this acquisition. Nigerian Ropes is ready and willing to work with Shorelines' dedicated and talented team to strengthen their position as the leading producer / marketer of specialty wire ropes cables." Mr Bertani also said that with Shoreline, the Nigerian Ropes would continue its progressive plans to expand through widening its ranges of products and services as well as executing targeted, strategic acquisitions to support the expansion growth in sub-Saharan Africa. See Extended Story.. March 18th, 2008  - Acquisitions New York City - Wincove Capital acquires Connect-Air International Wincove Capital has acquired Connect-Air International, Inc. Based outside of Seattle, Connect-Air is one of the largest distributors of specialty low-voltage wire and cable products in the United States. The Company's primary business is the distribution of control and signal wires and related devices that are used in commercial HVAC, security and fire alarm systems. The Company also provides outsourced manufacturing of custom, low-volume cable assemblies through its offshore partners. The Company's customer mix is highly diversified, ranging from small local contractors to major global OEM's of building automation systems. Connect-Air currently has seven distribution facilities located in Washington, Oregon, Northern California, Southern California, Arizona, Georgia and Massachusetts. Wincove intends to build upon the Company's historical track record of organic growth through further penetration of existing markets as well as continued geographic expansion. Wincove will also seek to opportunistically grow Connect-Air via acquisition. March 13th, 2008  - Acquisitions ZhangJiagang City Jiangsu - Shagang expected to take over Yonggang China Business Journal reported that China's largest private steel enterprise Jiangsu Shagang Group is reportedly in talks with Yonglian Steel Co to purchase the left shares after buying a 25% stake last year end. This suggests Shagang may entirely take over Yonggang, the steel mill based in the same city Zhangjiagang. Spokesman for Shagang said there is no public news yet, but Shagang and Yonggang are in the process of merger in terms of technology and capital. Another source said the merger is likely matched with the government as a go between, because the two have been competitors in the same market. As per report, once taken over, Yonggang will become a subsidiary of Shagang, mainly producing low and medium grade products like rebar and wire rod, leaving the group to devote into high end products businesses. Yonggang is facing narrowing profits in recent years due mainly to escalating raw materials prices and for lack of self owned iron mines or JV overseas. Currently, its debt rate comes close to 80% and being acquired seems a last resort for it. Shagang is the only steelmaker among China's top ten that has not been listed and the recent slew of acquisitions are considered to increase its financial pressure and push it to list on the international market. Last year, Shagang spent CNY 2 billion buying Huaigang, largest in North Jiangsu and Henan Province's largest private mill Yongxing steel, expanding capacity by over 5 million tonnes. February 29th, 2008  - Acquisitions Hamburg Germany - Federal Cartel Office places ban on A-Tec holding in Norddeutsche Affinerie The German Federal Cartel Office (FCO) has placed a ban on the already executed investment (13.75%) of A-Tec Industries AG (A-Tec) in Norddeutsche Affinerie AG (NA). A-Tec is thus obliged to sell all current shareholdings in NA. In its decision, the FCO has also ordered that A-Tec must return its shares to the primary seller Commerzbank or independent third parties within the next months. If A-Tec has not sold the shares until the end of the allotted period, the decision requires the subsequent sale of the shares by a trustee. At the same time, the FCO has prohibited A-Tec from executing its voting rights with immediate effect. As a result, A-Tec will not be allowed to participate in any polls at tomorrow’s Annual General Meeting. February 25th, 2008  - Acquisitions Dallas Texas - Carl Icahn discloses 5% stake in Keystone Consolidated (KYCN) In a 13G filing on Keystone Consolidated Industries a leading US manufacturer of steel fabricated wire products, industrial wire, billets and wire rod. Carl Icahn discloses a 5.03% (503,389 shares) stake in the company. A 13G indicates a "passive investment". Keystone Consolidated Industries, Inc. ("Keystone" or the "Company") is a majority-owned subsidiary of Contran Corporation ("Contran"). At December 31,1995, Contran held, directly or indirectly, approximately 68% of the Company's outstanding common stock. Substantially all of Contran's outstanding voting stock is held by trusts established for the benefit of the children and grandchildren of Harold C. Simmons, of which Mr. Simmons is sole trustee. Mr. Simmons may be deemed to control Contran and the Company. Carl Celian Icahn is an American billionaire financier, corporate raider, and private equity investor. Carl Icahn's net worth is $14.5 billion as of 2007, making him the 18th richest man in America. Raised in Queens, New York City, Icahn has developed a reputation as a great corporate raider after his hostile takeover of TWA in 1985. February 22nd, 2008  - Acquisitions Tokyo Japan - Nippon, Sumitomo and Kobe agree on additional cross holding Nippon Steel Corporation, Sumitomo Metal Industries and Kobe Steel, Ltd announced that they have agreed on additional Cross Purchase of shares backed by expanded and Enhanced Mutual Cooperation. The three steelmakers have reached an agreement at the end of October 2007 to consider ways of further expanding and enhancing their cooperative ties and additional cross purchase of shares. February 19th, 2008  - Acquisitions Brussels Belgium - Bekaert to buy remaining 50 percent in Turkey's Beksa Belgian wire maker and materials company Bekaert SA NV said Monday it plans to take full ownership of Turkish steel cord manufacturer Beksa. Bekaert and Haci Ömer Sabanci Holding A.S. have signed a letter of intent for Bekaert to buy 50% of the shares in Beksa Celik Kord Sanayi ve Ticaret A.S, for some EUR40.3 million. Bekaert already owns the other 50% stake. The transfer of shares will be executed after receiving approvals from the respective authorities. Located in Izmit, Beksa manufactures steel cord products and Dramix metal fibers for the automotive and building industry. Beksa employs about 330 people and recorded EUR80 million sales in 2006. February 13th, 2008  - Acquisitions Muncie Indiana - Wire company continues to grow In an era when some local industrial employers are shrinking, a Muncie wire-fabricating business just keeps growing. Mid-West Metal Products recently purchased a local firm, Worldwide Technologies, absorbing that company's wire-making business and its staff. The purchase of Worldwide Technologies follows, by a couple of months, the purchase of a Texas bird cage manufacturer by Mid-West Homes for Pets, a division of Mid-West Metal Products. Terms of the deals were not disclosed. Mid-West's long history, it was founded in Muncie in July 1921 and still growing. Worldwide makes specialty wire goods, including parts for the ironing board and fireplace industries. Those elements of the business will continue at Mid-West. About 20 employees of Worldwide Technologies will join Mid-West's staff of about 170, most of whom are in Muncie. The company also has sales people in other states and representatives in China, where much of the company's manufacturing is done. Smith said Mid-West has had to compete with global conditions that included steel prices that favored his competitors in China. "Steel was our highest cost factor," he said. "Steel was 21 cents a pound on the world market in the 1990s and went up to 35 cents everywhere but China, where the steel industry was subsidized. As it went up, we had to shift our manufacturing to China or go out of business." February 12th, 2008  - Acquisitions Rotterdam The Netherlands - 12 ArcelorMittal has terminated agreement to sell its Sparrows Point. ArcelorMittal has terminated its agreement to sell its Sparrows Point, Md., steel mill to a group led by Esmark, a Chicago Heights, Ill.-based steel distributor working to expand into steelmaking, for $1.35 billion. The Rotterdam-based steel company terminated the deal due to E2's inability to secure financing. E2 is a joint venture sponsored by privately owned Esmark and Wheeling-Pittsburgh Corp., which recently merged. U.S. antitrust officials had required the sale as a condition to the completion of merger of the two companies that now make up ArcelorMittal, the world's largest steelmaker by output. ArcelorMittal says it terminated the agreement on the direction of a court-appointed trustee, and that the trustee's goal is to obtain a transaction with the earliest possible closing date. See Extended Story.. February 11th, 2008  - Acquisitions Tokyo Japan - Japanese steel mill very concerned about BHPB acquisition of Rio Tinto Mr Hajime Bada president of JFE Steel Japan's second largest steel maker has reaffirmed the opposition to BHP Billiton's acquisition of Rio Tinto. JFE Holdings Inc, believes that the deal would be detrimental to the Japanese steel industry as the merged group would have too much pricing power in the iron ore market. Mr Bada also the chairman of Japan Iron and Steel Federation said that 70% control of iron ore seaborne trade by major 2 companies including Vale is almost monopoly. He expects competition authorities in Australia, Europe and Japan would reject the merger to prevent excessive concentration. The move by Chinalco, the state-owned Chinese mining company, to spoil BHP Billiton's bid for Rio Tinto also drew criticism from the head of Japan’s steel association who said government intervention in resource markets threatened to create an uneven playing field for steelmakers. Mr. Bada, said he was “very concerned” that state-owned companies and sovereign wealth funds could build dominant positions in the resource sector and funnel output to their own countries. "There are countries that are using their huge assets to buy up and dominate certain industries, and that will create many problems," he said. "The world needs to come together to create common rules. Mr Bada’s comments suggest that China’s combination of state interventionism, fast-growing wealth and a bottomless demand for natural resources presents a long-term worry. Asked which would be less desirable – Rio falling under the control of either BHP or China – Mr Bada said: "That’s a difficult question. Both would be bad." February 8th, 2008  - Acquisitions London U.K. - Rio Tinto unimpressed by BHP Billiton’s revised offer Rio Tinto has rejected a revised take-over offer from BHP Billiton as still too low, claiming it “significantly” undervalues its business. BHP Billiton improved the terms of its first 3-for-1 share offer to 3.4 shares for 1, valuing Rio Tinto at $147.4 billion, based on both companies’ closing share price on Feb 4. Rio issued a statement saying that after “careful consideration” of the revised offer its board has unanimously rejected it. Company chairman Paul Skinner said: "BHP Billiton's offers, while improved, still fail to recognise the underlying value of Rio Tinto's quality assets and prospects. Our plans are unchanged, and will remain so unless a proposal is made that fully reflects the value of Rio Tinto. Accordingly we are forging ahead with our strategy of operating and developing large scale, long life, low cost assets to generate significant value for shareholders". Equally unimpressed by BHP Billiton’s hostile move on Rio Tinto is the European steel industry, it seems. Trade association Eurofer is gearing up to fight the proposed merger via a complaint to European regulators. Eurofer said it has prepared a preliminary file detailing its concerns for the European Commission’s competition department and has already held an exploratory meeting with a Commission team, according to the Financial Times February 7th, 2008  - Acquisitions Sydney Australia - BHP launches $147billion raised bid for Rio BHP Billiton, the world’s biggest mining company, raised the stakes in its campaign to win control of rival Rio Tinto, making a formal bid of 3.4 BHP shares for each Rio share, an offer worth more than $147 billion. If successful, BHP’s bid would create a natural resources group worth more than $300billion with leading positions in iron ore, copper, aluminum, coal and uranium. The deal have raised concerns in China that the merger of the two companies would limit the competition and leave Chinese copper aluminum and steel producers at the mercy of a giant major foreign supplier. The BHP bid took a dramatic turn last week when Chinalco, one of China’s largest mining companies bought 12 per cent of Rio’s UK-listed shares together with Alcoa of the US. Chalco, Chinalco’s Hong Kong-listed unit, fell 7.2 per cent to HK$12.30 Wednesday on news that the Australia's Foreign Investment Review Board (FIRB) would review Chinese state entity Chinalco’s stake-building in Rio Tinto and the new bid from BHP. February 6th, 2008  - Acquisitions Canberra Australia - Australian government to review Chinese stake in Rio Tinto Australia’s Foreign Investment Review Board (FIRB) will review Chinese state entity Chinalco’s stake-building in Rio Tinto, according to the country’s prime minister Kevin Rudd. The comments came after Chinalco applied to the FIRB to lift its stake from the current 12% to 19.9%, which is the maximum level before a formal take-over offer must be made. Chinalco has said it has no intention at this time of lifting further the 12% stake, which was acquired in a daring raid on the market last week. Chinalco is working with US producer Alcoa and its entry as a major Rio Tinto shareholder has complicated any decision by BHP Billiton whether to launch a hostile take-over of the company. BHP Billiton has been told by the UK Takeovers Panel is must submit a formal offer by tomorrow or adhere to a six-month standstill period. February 6th, 2008  - Acquisitions Burlington Massachusetts - Axia Capital Partners Leads buyout of Cable Design and Manufacturing to form Segue Manufacturing Services, LLC Axia Capital Partners, LP announced Tuesday that it completed its acquisition of Cable Design and Manufacturing (CDM), a leading full service contract manufacturing company in New England, and formed Segue Manufacturing Services, LLC (Segue). Axia Capital syndicated a leveraged buyout to acquire the assets of CDM and appointed Peter Frasso, former COO of FEI, as CEO of Segue. CDM's former owner and CEO, Bill Roderick, will retain a significant equity position in the newly formed company and lead the sales and engineering organizations. Founded in 1991, CDM was established to design and produce custom cable and harness assemblies. Today, CDM provides turnkey electro-mechanical assemblies for over 100 customers as well as precision machining for its in-house assembly business. CDM ranks among New England's leading contract manufacturing firms and is highly regarded by clients for its ability to produce a wide array of highly engineered products. February 5th, 2008  - Acquisitions Luxembourg - ArcelorMittal acquires Costa Rican wire producer ArcelorMittal, announces Monday that it had acquired from Clarion Del Norte (Pujol Group) the remaining 50% stake of Laminadora Costarricense S/A and Trefileria Colima S/A, which constitute the only long carbon steel player in Costa Rica. The other 50% stake is already owned by ArcelorMittal Brasil. Laminadora Costarricense S/A has a rolled products capacity of 400,000 tonnes/ year of Rebars and MBQ (merchant bar quality), and Trefileria Colima S/A has a wire products capacity of 60,000 tonnes/year. Both entities employ around 400 people, and mainly serve the construction market in Central America and the Caribbean. February 2nd, 2008  - Acquisitions Pittsburgh Pennsylvania - F.N.B. Capital Corporation, LLC to provide financing for MPL Steel's acquisition of Marwas steel. F.N.B. Capital Corporation, LLC, the Pittsburgh-based merchant banking subsidiary of F.N.B. Corporation has provided capital financing for the purchase of Marwas Steel Company of Scottdale, PA. The purchase was led by James Philipkosky of MLP Steel, LLC. Financial details were not released, but the company will remain local."Although vastly different from the days of giant steel mills, the steel industry continues to be an important business in greater Pittsburgh," said Stephen Gurgovits, Jr., President and Chief Executive Officer of F.N.B. Capital Corporation. "Marwas Steel has successfully found the right mix of products and customers to assure future growth. We are very excited to be a part of this transaction." "I am very excited to be working with such an outstanding team of professionals and believe we are well poised to experience exceptional growth within the metal working industry," noted Jeff Pfeifer, President and C.E.O. of MLP Steel. MLP Steel, which will continue to do business as Marwas Steel Company, is one of the area's leading manufacturers and fabricators of specialty steel wire and rod products for use in a variety of end markets such as industrial construction, roads & infrastructure, mining, transportation, automotive, aviation, and consumer products. Marwas operates two distinct divisions: Fayette Steel Company, which manufactures various types of cold drawn rod (i.e. "heavy wire") in round, hexagon, square, and flat configurations from wire stock, and Laurel Steel Products Company, a manufacturer of various types of standard and specialty grating, such as heavy duty steel bar grating used in a variety of industrial applications, walkway grating, and roadway inlet frames and grates. Fayette Steel employs 34 at its Scottdale, PA location, while Laurel Steel, located in Everson, PA employs 38. February 2nd, 2008  - Acquisitions London U.K. - FKI shares surge after announcing possible takeover FKI Plc, Europe's biggest maker of wire rope for ships and oil rigs, had a record gain in London trading after receiving its second takeover approach in eight months. The supplier of generators to Rolls-Royce Group Plc climbed 33 percent, valuing FKI at almost 400 million pounds ($796 million). There's no certainty an offer from the unidentified party will be made, the London-based company said in a statement today. The approach comes as FKI, saddled with 354 million pounds of debt, considers the sale of two divisions after prior talks about a 765 million-pound takeover ended in August. Its main businesses are wire-rope and electrical generators. Siemens AG and General Electric Co. as well as investment firm Melrose Plc are possible suitors, said Arbuthnot Securities analyst Michael Blogg. The U.K. company is the No. 1 independent supplier of turbo- generators used by oil, gas and rail companies and one of the world's three biggest manufacturers of wire rope used in commercial fishing and to tether oil rigs to the sea floor. Its Bridon unit holds the world record for manufacturing a steel-wire rope that weighs 340 metric tons and measures 4 kilometers (2.5 miles) in length. The rope was used in deepwater construction. January 28th, 2008  - Acquisitions Brussels Belgium - EU inquiry deadline for ArcelorMittal acquisition of ferro-alloy maker OFZ set to Feb 25 The European Commission said the deadline for its inquiry into steel manufacturer ArcelorMittal's proposed acquisition of Slovak ferro-alloy and cored wire maker OFZ is set for Feb 25. Financial details were not disclosed. OFZ has been a supplier to ArcelorMittal's eastern European steel mills, which are near its 150,000 tonne plant in the north of Slovakia. OFZ produced 141,000 tonnes of ferro-alloys in 2006. January 24th, 2008  - Acquisitions Brussels Belgium, - The EU Commission unconditionally approves the merger Norddeutsche Affinerie Cumerio After completion of the antitrust investigation, the European Commission has given its approval to the planned merger of Norddeutsche Affinerie AG (NA) with Cumerio N.V/S.A without conditions. With the aim of creating the leading European copper producer and processor, NA proposed in June 2007 a cash offer of € 30 per share to the Cumerio shareholders (See wirenews June 26 2007). On the 10th of July, Cumerio’s Board of Directors recommended its shareholders to accept the offer. January 9th, 2008  - Acquisitions Thousand Oaks California - Teledyne Reynolds, Inc acquires Storm Products Co Teledyne Technologies Incorporated has announced that its subsidiary, Teledyne Reynolds, Inc., has acquired Storm Products Co. (~{!0~}Storm~{!1~}). Storm, with operations in Dallas, Texas, Woodridge, Ill. and Santa Clara, Calif., manufactures specialty wire, cable and interconnect products, as well as flexible and semi-rigid microwave cable assemblies. Terms of the transaction were not disclosed. January 8th, 2008  - Acquisitions Omaha Nebraska - Warren Buffett’s Berkshire Hathaway acquires 60% of Marmon holdings Berkshire Hathaway Chairman and CEO Warren Buffett and Tom Pritzker, Chairman of Marmon Holdings today announced that Berkshire will purchase 60% of Marmon Holdings, Inc., a private company owned by trusts for the benefit of members of the Pritzker Family of Chicago. The closing is anticipated to occur in the first quarter of 2008. Prior to closing, Marmon will make a substantial distribution of cash and certain assets to the selling shareholders. At closing Berkshire will acquire 60% of Marmon for $4.5 billion. The remaining 40% will be acquired through staged acquisitions over a five to six year period for consideration to be based on the future earnings of Marmon. The transaction remains subject to customary closing conditions, including regulatory approvals. Marmon is a private company that was acquired in 1953 by two brothers, Jay and Robert Pritzker, when it was a small ailing manufacturing operation in Ohio. In 2002 Jay’s son Tom became Chairman of Marmon. He then recruited John Nichols to become CEO of Marmon and in 2006 John was succeeded by Frank Ptak who is currently CEO of Marmon. See Extended Story.. January 8th, 2008  - Acquisitions Linz Austria - Siemens VAI Metals Technologies GmbH&Co, Linz to buy Morgan Construction Morgan Construction Co, a family owned business that has produced equipment for the steel industry for more than a century, announced last weekend that it has agreed to be acquired by Siemens VAI Metals Technologies GmbH & Co, Linz in Austria. The agreement was signed December 21st 2007. The acquisition is also subject to antitrust analysis in the United States and Europe. Mr Philip R Morgan president & CEO of Morgan Construction Co said that “Under the terms of the transaction, expected to be completed during the second quarter of 2008, Morgan Construction will become part of Siemens VAI Mining and Metals Technologies GMBH & Co.” (Note: Morgan-Koch Corp is since 1991 a wholly own subsidiary of Ernst KOCH GmbH & KG and not effected by this acquisition See Extended Story.. January 8th, 2008  - Acquisitions New York City - Standard Motor acquires UK Wire and Cable Company Standard Motor Products Inc. said Wednesday it has agreed to acquire a small wire and cable company in the U.K. The auto parts manufacturer did not disclose the name of the company or terms of the agreement. Standard Motors said it would combine it with its existing U.K. wire and cable operations. Its engine management division makes and distributes wires and cables, according to its Web site. Standard's Intermotor business is based in the U.K. December 20th, 2007  - Acquisitions Amsterdam, The Netherlands - Draka Acquires full ownership of Draka Comteq B.V. The Board of Management of Draka Holding N.V. ("Draka") announces that it has reached an agreement with Alcatel-Lucent that Draka will purchase Alcatel-Lucent's interest (49.9%) in Draka Comteq B.V. ("Draka Comteq") against payment of an aggregate cash purchase price of € 209 million. Under this transaction, Draka acquires full ownership of Draka Comteq. Draka Comteq is a leader in the field of optical fiber and optical fiber cable, created on 1 July 2004 by combining the worldwide optical fiber and communication cable activities of Draka and Alcatel-Lucent. From the initial establishment of the joint venture, Draka Comteq is controlled by Draka and its results have been consolidated in full in the Draka consolidated financial statements. For a more detailed profile of Draka Comteq. December 18th, 2007  - Acquisitions Hong Kong - China Oriental capacity expansion plan seen unreal by analysts China could make things difficult for ArcelorMittal, as China Oriental has assets in mainland China. It may affect any plans for capacity expansion steel analysts in Hong Kong suggest. China Oriental may be a Hong Kong listed company, but with its assets in China, it is likely to come under indirect scrutiny by Chinese regulatory boards, he said, adding that the China Oriental deal will be a test case for the Chinese authorities. China is trying to curb additional new steel capacities being added. Two projects that would have added 10 million tonnes of new capacity in coastal areas proposed by Baosteel Group and Wuhan Steel have both been rejected. Insiders point out the capacity expansion plan of China oriental would face lot of uncertainties. It is unlikely for central and local provincial National Development and Reform Commissions to approve any new steel production capacity increase, one analyst said. He said "Hebei Province is on the top of the list monitored by the central government to restrict its iron and steel industry investment. Hebei has already had many big steel makers. If ArcelorMittal wanted to increase the new production capacity of steel in Hebei, it could be very difficult to get regulatory approval to do that.” December 14th, 2007  - Acquisitions Hong Kong - ArcelorMittal unveils offer for China Oriental see also (November 26th and November 8, 2007 - Hong Kong Investor battle gives Mittal opening in China) Steelmaker ArcelorMittal stole a march on its rivals on Thursday by agreeing to buy China Oriental Group Co Ltd , giving it rare control of a Chinese steel mill. ArcelorMittal already owns 28 percent of China Oriental and said it had signed a deal with its controlling shareholders to raise its stake eventually to 73.13 percent. Under Hong Kong regulations, it was also obliged to make a general offer to buy out remaining shareholders, which it said could cost up to HK$6 billion, giving China Oriental an implied valuation of up to HK$22.33 billion ."As far as our ambition in China is concerned, I don't think our ambition stops with China Oriental," Ondra Otradovec, ArcelorMittal's vice-president for mergers and acquisitions, told a news conference in Hong Kong. December 11th, 2007  - Acquisitions Washington D.C. - CommScope gets conditional regulatory approval of Andrew Corp acquisition The Justice Department said Thursday it has approved cable and wire manufacturer CommScope Inc.'s $2.6 billion purchase of fellow communications equipment maker Andrew Corp., with conditions. The department said that CommScope and Andrew agreed to sell Andrew's 30 percent stake in a separate company, Andes Industries Inc., as part of a settlement that allows the deal to proceed. CommScope and a subsidiary of Andes, PCT International Corp., are two of only four companies that make the coaxial cable used by cable television companies, the department said. Andrew's stake in Andes would have given CommScope "the ability and incentive" to coordinate its activities with PCT, or undermine PCT's ability to compete, leading to higher prices and reduced innovation, the department said. As originally structured, the transaction would also have allowed CommScope to appoint members to Andes' board of directors, the department said, in violation of antitrust law, which forbids companies from participating on the boards of directors of its competitors. Andrew sold its own coaxial cable business to Andes in March. Westchester, Ill.-based Andrew makes antennas, base stations and network products. Hickory, N.C.-based CommScope said in a statement Thursday that the value of the Andes stake and related assets that will be sold was less than $25 million as of Sept. 30. The company expects to close the deal by the end of the year. December 8th, 2007  - Acquisitions Shanghai China - Baosteel linked to Rio Tinto counter bid China's largest steelmaker Baosteel Group has again been linked to a potential counter bid for the world's third largest miner Rio Tinto Ltd. Baosteel chairman Lejiang Xu reportedly told the 21st Business Herald website the group was considering an offer to rival a $US134 billion ($A152.59 billion) bid from BHP Billiton Ltd. "We are considering it, and the chance of putting forward a bid is very high," Agence France Presse and other international wire reports quoted Mr Xu as telling the site. Meanwhile, China's ninth largest steel producer Shougang Corp denied reports it was part of a consortium, which included the Chinese government, formulating a counter bid for Rio Tinto. Spokespersons from BHP Billiton and Rio Tinto declined to comment. December 7th, 2007  - Acquisitions Vancouver British Columbia - Stakeholder unhappy with Tree Island Wire Income Funds acquisition of Chinese wire mill. Tree Island Wire Income Fund made a mistake when it invested US$18.5 million to acquire a Chinese wire manufacturer, the fund's largest unitholder, which is pushing to replace the fund's board and management. Amar Doman, the head of private investment company Futura Corp. which owns almost 20 per cent of the fund, said Monday there's still value in the company, but changes must be made. "We believe that over the long term Tree Island can be a great company again, it's just that at the current time it's going in the wrong direction with the board and management," Doman said in an interview. Doman served as a trustee of the fund and a director of the fund's operating company earlier this year, but resigned when he disagreed with the deal to buy Baoan International investment Co., which has operations in the California, and sister company Universal Metal, with two plants in Tianjin, China. He said the deal was ill-timed as the U.S. economy headed for a downturn. "Certainly now with the very dismal earnings and rapid deceleration of profits at the company, we'd like to take control of the board and review management," he said. See Extended Story.. December 6th, 2007  - Acquisitions Orel Russia - Severstal-metiz acquires ArcelorMittal stake in TrefilArbed Rus ArcelorMittal and Severstal-metiz today announced that they have agreed on the sale of ArcelorMittal Wire Solutions’ 50% stake in steelcord producer TrefilArbed Rus to Severstal-metiz. The joint venture was established in 2005 when ArcelorMittal Wire Solutions joined Severstal-metiz to develop TA Rus on the Russian steelcord market, giving their JV access to specific technologies provided by ArcelorMittal Wire Solutions. This agreement will allow both companies to focus on their current wire strategies. Severstal-metiz aims to develop high value-added products for key Russian and CIS domestic markets. ArcelorMittal Wire Solutions’ main growth area in Steelcord is Asia. TA Rus is located at Severstal-metiz’ Orel site. It will change its name to Orelcord. Its revenues totalled 842,5 million rubles, or about 31 million US dollars, in 2006. In 2006, the company obtained the ISO 9001 quality management certification. The unit posted sales of around 31 mln usd last year. November 28th, 2007  - Acquisitions Buzau, Romania - Mechel To Gain Control of Ductil Steel Mechel has applied to Romania's anti-monopoly regulator requesting a go-ahead to acquire a controlling 50-percent-plus-one-share stake in the the Romanian producer of wire and wire products Ductil Steel, according to a spokesperson of the Russian steel giant, Ilya Zhitomirsky. Meanwhile, the company declined to reveal any further details of the prospective deal. Mechel has also provided additional detail regarding its previously announced capital expenditure program for 2007-2011. As the result of a thorough analysis of Mechel's investment capabilities, the co has decided to expand its capital expenditure program to $2.7 bln for 2007-2011 in both the mining and steel segments, as previously announced. Mechel plans to invest about $1.5 bln in its steel subsidiaries adn will increase the segment's total steel output by 12%, and will also lead to a 26% increase in the co's output of rolled steel, by 2011. The planned program will also result in a shift in overall steel product mix to include a greater proportion of higher value-added products. The most significant changes in the product mix will occur at Chelyabinsk Metallurgical Plant, Mechel's main steel asset - about $1.3 bln will be invested in the modernization of CMP. These investments will allow the plant to double its output of continuously cast steel billets while also extending its mix of construction and engineering rolled products. November 24th, 2007  - Acquisitions Torrington, Conn., U.S.A. - Bensalem Rolls Out Expansion Bensalem's Rolled Metal Products Inc., selling stainless steel and aluminum , has grown with a purchase of a Connecticut metals company. Rolled Metal has bought Torrington Brass & Steel Co. in Torrington, Conn . Peter McGuire, Rolled Metal's vice president and general manager, explained that Rolled Metal buys stainless steel and aluminum coils from mills and slices them to meet specifications set by customers — mostly companies in the auto, appliance and industrial hardware industries. Those customers buy the steel and aluminum to manufacture various parts. “Torrington Brass & Steel was in a similar industry, but they were also doing high carbon steel and copper and brass [wire and coil],” McGuire said. “We'll be able to add that to our product area.” He said some clients were coming to Rolled Metal for one product and going to Torrington for another. “In some areas, we were both serving the same customers,” said McGuire, adding that he hopes the acquisition will help Rolled Metal better meet those clients' needs. Rolled Metal was founded in Bensalem in 1988, though the company relocated to Hatboro for several years before returning to Bucks County in 2005. It employs about two dozen people at its facility in the Expressway 95 Industrial Park off of State Road. November 16th, 2007  - Acquisitions Paris France - Nexans signs a frame work agreement to acquire the cable business of Madeco. Nexans, yesterday announced the signature of a Framework Agreement to acquire the cable business of Madeco, the cable industry leader in South America. At current non-ferrous metal prices, the 2006 sales of the Madeco Group cable business totaled 672 million USD (457 million euros), in three major segments: cables for infrastructures, industry and building (and in electrical wires to a lesser extent). The organic volume growth for these segments was 12% per year during the 2004/2006 period. For the 2007 half-year, Madeco’s Wire and Cable sales breakdown by country was approximately: 43% in Brazil, the largest market in South America, 28% in Chile, 18% in Peru, 6% in Argentina, and 5% in Colombia. In all these countries, Madeco has a leading position thanks to its established reputation and commercial image. These growing markets, Madeco’s leading position, and its management excellence enabled Madeco to realize a 43 million USD (29 million euros) EBITDA in H1 2007 representing an operating margin of 10.6% of sales at current non-ferrous metal prices. The closing of this acquisition is expected in Q3 2008. See Extended Story.. November 16th, 2007  - Acquisitions Torrington Connecticut - Rolled Metal Products acquires Torrington Brass & Steel Rolled Metal Products, Inc. has announced the acquisition of Torrington Brass & Steel from The Interwire Group. Torrington Brass & Steel operates a 52,000 square foot plant located in Torrington, CT. The plant serves customers primarily in the New England states with slit and edge conditioned stainless and high carbon steel as well as copper and brass wire and coil. "Torrington adds a new dimension to our organization by allowing us to better serve national accounts that prefer the convenience of suppliers with multiple plant locations," said Peter McGuire, general manager of Rolled Metal Products' (RMP) Torrington plant. "It also allows us to expand deeper into the northeast and New England markets while adding copper and brass wire and coil to our product line." The Torrington plant opened in 1965 when it was owned by Robert Brigham. In 1983, ownership passed to Tom Desjardins and John Murphy in an executive buyout. The plant became part of Interwire in 1997. "The core group of manufacturing personnel have continued with the company over the years so that our experience level is high," added Peter McGuire, RMP Torrington general manager. Besides its Torrington facility, Rolled Metal Products operates steel service centers in Alsip, IL and Bensalem, PA. The company specializes in stocking and processing stainless steel and aluminum coil products. November 10th, 2007  - Acquisitions London U.K. - Vimetco unit to buy Lifeng Aluminium for USD 35 million Aluminium producer Vimetco NV said its majority owned Henan Zhongfu Industry Co Ltd has agreed to acquire Lifeng Aluminium for around USD 35 million. China-based Lifeng Aluminium has a production capacity of 110,000 tonnes per year and power generation facilities of 110 megawatt. It had revenues of around USD 228 million in 2006, the company said in a statement. 'The existing 60,000 tpy (tons per year) wire rod and 30,000 tpy billet production capacity at Lifeng Aluminium support our strategic shift towards higher added value products,' Vimetco chief executive Christian Wust said. November 9th, 2007  - Acquisitions Kolkata India - Usha Martin to sell cable subsidiary Usha Martin Ltd. (UML) has decided to sell the entire equity in its subsidiary company, UM Cables, to the Manchester-based B3 Cable Solutions. A memorandum of understanding (MoU) to this effect has been signed and the ownership changeover is expected to take effect early next year, subject to due-diligence and necessary approvals. UM Cables, with its modern manufacturing facility at Silvassa near Mumbai, is among India’s leading manufacturers of optical fibre and copper telecom cables, with a strong domestic and international customer base. P. Bhattacharya, Joint Managing Director, UML, said the ownership change would allow the company to concentrate on its core business of minerals, speciality steel and wire rope, while creating good opportunity for the cable business. This acquisition will help B3 to strategically position itself in the resurgent optical fibre cable business and also in the fast growing Asian region. B3 Cable Solutions, with manufacturing units in the U.K. and Ireland, is among Europe’s largest producers of copper cables. It works in partnership with its customers and stakeholders to deliver cost-effective supply and logistic solutions that are tailored to the needs of individual customers. Usha Martin which makes wire ropes mainly, has manufacturing facilities at Ranchi, Jamshedpur, Hoshiarpur, U.K., Thailand, UAE and the U.S. November 8th, 2007  - Acquisitions Milan Italy - Taihan Electric Wire acquires 9.9 percent stake in Prysmian . Taihan Electric Wire South Korea's second-largest wire and cable maker, is paying 392 million euros for a 9.9 percent stake in Italian peer Prysmian, which may help the two cable makers share costs and expand in each other's regions. Taihan is paying a 10% premium over Prysmian's closing price on Monday, when Prysmian reported higher results for the first nine months of the year. News of the deal sent Prysmian shares up as much as 6 percent higher before it eased back to close, 2.37 percent on the day. Taihan's shares were up 10 percent. See Extended Story.. November 8th, 2007  - Acquisitions - ArcelorMittal pays $647 mln for stake in China Oriental. Arcelor Mittal, increases its presence in China by acquiring a 28 percent stake in steel products maker China Oriental Group Co Ltd paying $647 million. Arcelor Mittal is reported buying the shares from Oriental 's vice chairwoman, Chen Ningning, and her Smart Triumph Corp. Chen last month failed in her buyout attempt of China Oriental. Shares in China Oriental, which have tripled over the past year amid the buyout talk, were suspended on Wednesday. See Extended Story.. November 6th, 2007  - Acquisitions Cairo Egypt - UAE consortium acquires 100% stake in Egyptian National Port Said Steel Egyptian news paper Gomhouria, reported Sunday that a UAE consortium comprising of Abu Dhabi Islamic Bank and Emirates (Al Emarat) Investment Co has acquired 100% of the shares of Port Said National Steel Co from its owner Eng Khaled el Bourini. National Port Said Steel Company specializes in rebars production as per Egyptian and international standards with a production capacity of 400,000 tonne per annum. November 5th, 2007  - Acquisitions Waukegan Illinois - Coleman Cable, Inc. acquires the electrical products business of Katy Industries, Inc. Coleman Cable, Inc. announced Friday it had entered into a definitive agreement to acquire the electrical products business of Katy Industries, Inc. which operates in the United States as Woods Industries, Inc. (Woods U.S.) and in Canada as Woods Industries (Canada) Inc. (Woods Canada). The principal business of Woods U.S. and Woods Canada is the design and distribution of consumer electrical corded products, which are sold principally to national home improvement, mass merchant, hardware and other retailers. Coleman Cable will purchase certain assets of the U.S. subsidiary and all the stock of the Canadian subsidiary for a total cash purchase price of $45 million (which does not include the effect of post-closing working capital adjustments). Included in the acquisition is net working capital in excess of $41 million. The Company plans a permanent reduction of working capital of $12 to $15 million within three months of the closing, thereby enabling a reduction in the acquisition debt by a like amount. Coleman Cable will utilize its current revolving credit facility to fund the purchase price. The closing of the transaction is subject to customary closing conditions and is expected to occur effective November 30, 2007. October 29th, 2007  - Acquisitions Mumbai India - Sterlite Optical buys 58.7 pc stakes in Sterlite Infra Optic-fiber cable maker Sterlite Optical Technologies Ltd recently announced it had acquired a 58.7 per cent stake in Sterlite Infrastructure Pvt Ltd, making it a subsidiary of Sterlite Optical October 27th, 2007  - Acquisitions Helsinki Finland - Rautaruukki sells 2 rebar units to Al Tuwairqi Rautaruukki Corporation signed an agreement on October 24th 2007 to sell the steel reinforcing business of Ruukki Betonstahl GmbH of Germany and Ruukki Welbond BV of the Netherlands to the Al-Tuwairqi Group of Saudia Arabia. These transactions mark the completion of Rautaruukki's withdrawal, started last year, from the reinforcing steel business. The transaction will free up capital of over EUR 25 million. Rautaruukki estimates to book a capital loss of approximately EUR 2 million of the transaction for the fourth quarter of 2007. Both businesses have been reported as part of Ruukki Metals division. Ruukki Betonstahl GmbH generated net sales of EUR 89.9 million in 2006 and employed 68 persons at the end of September 2007. Ruukki Welbond BV generated net sales of EUR 16.4 million and employed 46 persons. The aggregate operating loss of the units amounted to EUR 4 million during the first nine months of 2007. Completion of the transaction requires the final approval of the German competition authorities and the transaction is expected to be closed in November 2007. The Al-Tuwairqi Group owns Thamesteel Ltd, which, for example, makes reinforcing steel. October 23rd, 2007  - Acquisitions Oslo Norway - Scan Subsea board backs $260 million takeover bid by Parker Hannifin Norway's Scan Subsea ASA has agreed to a 22-crowns-per-share takeover offer from U.S. group Parker Hannifin Corp , valuing it at about 1.4 billion Norwegian crowns. Scan Subsea ASA's board recommended the offer to shareholders and said it represented a premium of 33 percent to the average volume-weighted share price over the last 30 days and a 16 percent premium to its Friday closing price. Shareholders with 61.8 percent of Scan Subsea shares, including the principal shareholder Blom ASA , have committed to accepting the offer which depends on acceptance by owners of at least 90 percent of the stock, it said."The offer values Scan Subsea at 1,402 million crowns," the company said in a statement. "The board of directors of Scan Subsea believes that it is in the intrests of the company to support the offer," it said. Scan Subsea was spun off by Blom and listed on the Oslo bourse in June this year. Scan Subsea ASA consists of two subsidiaries; Scanrope Subsea in Tønsberg and Drammen and Scan Maritime in Stavanger. Scanrope Subsea is the result of a merger between ScanRope and Scanrope Subsea Cables. The company makes power and control cables, large steel and synthetic mooring lines and other specialised rope products for the offshore energy industry and provides surveying and consulting services to the offshore and maritime industries. Cleveland, Ohio-based Parker Hannifin has a market capitalization of around $13 billion and is a leader in motion and control technologies with annual turnover of around $10.7 billion. Scan Subsea is being advised by Medici Corporate and Parker Hannifin by Pareto Securities, the Norwegian firm said. October 18th, 2007  - Acquisitions Los Angeles California - Allied Capital Invests $26.4 Million in management-led buyout of Tappan Wire & Cable Allied Capital Corporation announced that it invested $26.4 million to support the management-led buyout of Tappan Wire & Cable, Inc. from the founding owner and a company ESOP. Allied Capital's investment took the form of senior secured unitranche debt and common equity. Senior management of Tappan also invested in the debt and equity of the company. The transaction closed in the 3rd quarter of 2007. October 17th, 2007  - Acquisitions Tokyo Japan - Godo Steel to control Niigata based rebar maker Mitsuboshi Metal Nippon Steel group's major electric furnace steel maker Godo Steel announced that it would acquire Niigata based steel bar maker Mitsuboshi Metal Industry by end of November. Godo Steel subscribed 417,000 share of Mitsuboshi Metal for JPY 4.295 billion through third party allocation controlling 51% of Mitsuboshi Metal. Godo Steel tries to expand the concrete reinforcing steel bar business while the consolidation could stabilize the market in eastern Japan. October 17th, 2007  - Acquisitions Nuremberg Germany - Leoni takes over Valeo’s wiring systems business Wire, cable and wiring systems specialist Leoni is taking over the wiring systems business of the French automotive component supplier Valeo and will thus continue its successful growth story. The agreement on purchase of all the shares in Valeo Connective Systems was signed in Paris today. With this acquisition, the so far largest in the Company's 90-year history, Leoni advances to become the new European market leader in wiring systems for the motor vehicle industry and thereby joins the top 5 wiring system suppliers worldwide. Leoni’s new shares of the wiring system markets are 24 percent in Europe and about 9 percent worldwide. The enterprise value is about EUR 255 million and includes assumptions of existing retirement benefits and specific liabilities as well as the net financial liabilities. Subject to competition authority approval, operations will come under Leoni's control from 1 January 2008. See Extended Story.. October 16th, 2007  - Acquisitions Tokyo Japan - FiberTech Co., Ltd. becomes a Fujikura subsidiary Fujikura has acquired the stock of FiberTech Co., Ltd., a company involved in the manufacture and sale of medical equipment, and made it into a Fujikura subsidiary. In the future, new medical technologies such as optical biopsy and photodynamic therapy (PDT) will become practical in the medical field, and as a result, there is expected to be further deployment of optical technologies in new medical devices which are minimally invasive or noninvasive and gentler on the patient. FiberTech has the top market share in Japan for ultra small diameter fiberscopes and similar products, and has a broad range of know-how and a solid track record in the development, manufacturing and sale of medical equipment. Fujikura has exploited the optics related technology it has developed in the information and communications field in the medical field, and in the future, we will actively expand our business in the medical equipment market in order to broaden the application of optical technology in imaging fibers and other areas of the medical field. October 16th, 2007  - Acquisitions Luxembourg - ArcelorMittal expands its presence in China ArcelorMittal today announces the acquisition of a 90% stake in Rongcheng Chengshan Steelcord, the Chinese privately owned steelcord wire drawing company based in Shandong province. The acquisition is being made for the sum of $26.6m. Speaking today, Lakshmi Mittal, President and Chief Executive of ArcelorMittal said: “This acquisition is an important step for us in expanding in a major market. We have already shown through our joint ventures in China the value and skills we can bring the Chinese steel industry and we look forward to bringing our expertise to Rongcheng Chengshan Steelcord. As well as showing our commitment to the broader Chinese steel market, this acquisition also underlines our commitment to the wire business specifically and recognises China’s leading position in this sector.” Rongcheng Chengshan Steelcord specializes in steelcord wire and bead wire (used for tire reinforcement). The company forecasts a turnover of RMB 536m (USD 71m) for 2007. China is the largest steelcord wire market in the world with very close proximity of the steelcord producers to the tire manufacturers. China is also the leading tire manufacturing base in the world. ArcelorMittal’s consolidated sales in wire solutions represented $2,6bn worldwide in 2006. October 15th, 2007  - Acquisitions Brussels Belgium - Bekaert ends takeover talks with ZAO Uralkord After months of negotiation, Bekaert has withdrawn from talks with ZAO Uralkord on a possible takeover. ZAO Uralkord, located in Magnitogorsk (Russia), produces steel cord products for tire reinforcement for the Russian market. In the course of the difficult and protracted negotiations, it became clear that no agreement could be reached with the current shareholders of ZAO Uralkord that would meet Bekaert’s criteria for pursuing its strategy of sustainable profitable growth in Russia. Determined to advance its existing position in Russia, Bekaert now considers further options to achieve this goal. The company has already built up a customer base in Russia for steel cord products for tire reinforcement, steel fibers for concrete reinforcement and other specialized wire products, which are currently supplied to Russia from Bekaert plants in Central Europe. October 9th, 2007  - Acquisitions Bucharest Romania - Mechel buys Ductil Buzau for EUR 90 million Romanian Business Standard daily reported that Mechel has bought the majority share package of Ductil Buzau, a major Romanian producer of wire and wire products, in a deal worth some EUR 90 million, to consolidate its position on the Romanian market. Former owners FRO SpA gave up its entire 71.85% share package, while Broadhurst Investment, which had a 10.88% equity interest and other shareholders, sold portions of their participation, according to sources close to the transaction. Ductil~{!/~}s market value reached EUR 94 million. Ductil posted EUR 21 million revenue in the first half of 2007 and a profit worth EUR 3.7 million. The value of product stocks amounted to EUR 5.7 million by June 30th 2007, and receivables totaled EUR 9.5 million. Ductil~{!/~}s debts increased to EUR 4.5 million by the end of the first six months. Mechel already owns the former Combinat de Oteluri Speciale Targoviste, which it took over in 2002, and Industria Sarmei Campia Turzii, bought from the Authority for State Assets Recovery in Romania. September 27th, 2007  - Acquisitions Brussels Belgium - Bekaert consolidates its activities in Venezuela and Colombia Wednesday Bekaert has signed an agreement with Siderurgica Venezolana Sivensa S.A. for the acquisition of 50.002% of the shares in Vicson, S.A. resulting in full ownership for Bekaert. The purchase price related to this transaction amounts to US$ 35.5 million (€ 25.4 million). Vicson, S.A., which is located in Valencia (Venezuela), manufactures wire products for industrial, construction and agricultural applications. The company staffs 650 employees. With an annual production capacity of about 100 000 metric tons, Vicson records annual sales of € 100 million. See Extended Story.. September 26th, 2007  - Acquisitions Dalian China - Fushi International acquires Copperweld Bimetallics Fushi International, Inc., the leading Chinese manufacturer of bimetallic wire, announced today that it has entered into a definitive agreement to acquire 100% of Copperweld Bimetallics, LLC, the leading US manufacturer of bimetallic wire. The all-cash transaction is valued at USD$22.5 million, including the assumption of debt, and is subject to adjustment based upon Copperweld's net working capital at closing. Fushi expects the transaction to be finalized at the beginning of the fourth quarter 2007 and the consummation of the acquisition is subject to customary closing conditions. See Extended Story.. September 25th, 2007  - Acquisitions Shanghai China - Hunan Valin to acquire 55% Stake in Jiangsu Xigang Hunan Valin Steel Tube & Wire Co., a Chinese steelmaker partly owned by ArcelorMittal, said its parent plans to buy 55 percent of rival Jiangsu Xigang Group Co. in cash. Valin Steel didn't disclose a price for the transaction in a statement to the Shanghai stock exchange today. The parent, Hunan Valin Iron & Steel Group, pledged to sell Xigang, a specialty steel unit of China Resources Group, to the publicly traded Valin Steel within three years, the statement said. China's government is encouraging mergers among the nation's steelmakers to create bigger companies and boost their bargaining power with suppliers of raw materials including iron ore. See Extended Story.. September 14th, 2007  - Acquisitions Charlotte North Carolina - Nucor acquires Nelson Steel for $54M, and expands its wire mesh business. Steel producer Nucor Corp. said Thursday it has agreed to buy Nelson Steel Inc., a producer of wire mesh, for $54 million in cash. Charlotte-based Nucor, which makes steel from recycled metal, said the deal will expand its existing mesh operations. The company expects its earnings to increase when the deal closes, which is planned for the fourth quarter. Nelson, based in New Salem, Pennsylvania., has about 80,000 tons of capacity and 120 workers. The acquisition is "a good growth opportunity for one of our existing downstream businesses and complements and expands our wire mesh businesses," said Mike Parrish, Nucor's executive vice president, referring to the company's Nucor Steel Connecticut and Harris Steel Group operations. September 13th, 2007  - Acquisitions Highland Heights Kentucky - General Cable acquires Freeport-McMoRan Cable business General Cable Corporation announced Wednesday that it has agreed to acquire the global wire and cable business of Freeport-McMoRan Copper & Gold Inc., which operates as Phelps Dodge International Corporation (PDIC). PDIC was acquired by Freeport as part of the acquisition of Phelps Dodge Corporation in March 2007. The purchase price is approximately $735 million, subject to adjustment as provided in the Stock Purchase Agreement. In addition to utilizing its available cash, the Company has secured commitments from Merrill Lynch Capital Corporation to provide an increased secured revolving line of credit and an additional secured interim loan necessary to fund the purchase price. On an annual basis, General Cable estimates that the acquisition will contribute approximately $1.4 billion in revenues at current metal prices. The combined companies expect to derive additional benefits over time through cross-selling opportunities, logistics and purchasing synergies, and the implementation of best practices throughout the entire organization. PDIC's performance in the first half of 2007 continued to trend positively. See Extended Story.. September 13th, 2007  - Acquisitions Mississauga Ontario - Nitar signs letter of intent to acquire Allsafe Cable Co. Nitar Tech Corp. a company focused in the acquisition, development and marketing of innovative and advanced technologies, is pleased to announce the signing on August 31st, 2007 of a Letter of Intent to Purchase the company AllSafe Cable Co. Ltd. (ACC), an established manufacturer of wire and cables based in Taipei City, Taiwan. The NITAR Board of Directors also stated that the company is approaching the completion of its thorough due-diligence review and preparations are underway to finalize a definitive purchase agreement. September 12th, 2007  - Acquisitions Heuchelheim, Germany - Berkenhoff GmbH acquires Luvata Austria wire business From October 2007, the electronic wires of Luvata Austria will be produced at Berkenhoff GmbH in Germany under the umbrella brand ~{!0~}bedra~{!1~}. Also, in the future the previous customers of Luvata Austria in Europe and Asia will be served by Berkenhoff GmbH. Dr. Nicolas von Mende, Spokesman of the Board of Berkenhoff GmbH describes the acquisition of the electronic wire activities of Luvata Austria GmbH as ~{!0~}the right step for our further international expansion and, at the same time, strengthening of the production sites in Germany~{!1~}. Luvata Austria, previously known as Neumayer GmbH, produces precision profile wire in copper and copper alloys, partly in knurled and electroplated finishes. This market segment offers wire specials for the production of electronic components, e.g. for the automotive industry, semiconductor production and telecommunications. The products of Luvata Austria complement the electronic wire range of Berkenhoff GmbH. See Extended Story.. September 10th, 2007  - Acquisitions Birtley England - TT Electronics plc finds buyer of AEI Cables Paramount Communications Ltd has informed the Exchange regarding the acquisition of the business of AEI Cables, UK in an all cash deal. AEI Cables has a turnover of approximately GBP 65 million (INR 533 crores). Elara Capital Plc, a London- based mid-market advisor, was the sole corporate finance adviser for this transaction. This is Elara Capital's first cross border transaction involving two listed companies. Paramount has a strong presence in India and is the key cable player in all infrastructure sectors including power, railways, telecom and industrial projects. AEI Cables is a leading manufacturer of cables solutions to global markets and is a wholly owned subsidiary of the international electronic sensors and components group TT Electronics plc, listed on The London Stock Exchange. TT electronics plc said in July (see wire news July 10) that, in line with its stated policy of rationalizing non-core activities, it has conducted a review of its AEI Cables Limited operation at Birtley in the North of England and had decided to exit from this currently loss-making business. Negotiations to sell the entire cables business are currently underway. See Extended Story.. September 8th, 2007  - Acquisitions Blauvelt, New York - Sale of Tappan Wire and Cable is completed Tappan Wire and Cable, Inc., a Blauvelt-based supplier of wire and cable products for the security, industrial, and communications markets, announced today that its management team has completed an acquisition of the company. The financing for the buyout was provided by management and Allied Capital Corp., a Washington-based business development company. The value of the transaction was not disclosed. The current management team will continue to run the company and control the board. September 6th, 2007  - Acquisitions Nuremberg Germany - Leoni negotiates takeover of Valeo’s wiring systems division. Leoni Bordnetz-Systeme GmbH, a company of the Leoni Group, is engaged in advanced negotiations to acquire Valeo Connective Systems, the wiring systems division of French automotive component supplier Valeo. A due diligence examination was previously completed. Subject to cartel authority approval and hearing of Valeo’s employee representatives, the negotiations could be completed before the end of this year. By acquiring Valeo’s wiring system business amounting to about EUR 543 million (2006 sales), Leoni would advance to the position of leading European supplier of wiring systems to the motor vehicle industry and gain access for the first time to the French automotive industry. Valeo Connective Systems, which is based in Montigny-le-Bretonneux, focuses on developing and manufacturing electrical and electronic supply systems for vehicles. Its customer base includes well-known carmakers such as PSA, Renault, Fiat and VW as well as multinational component suppliers. The customer bases of both companies would thus complement each other in an ideal way. In total, Valeo Connective Systems has about 11,700 employees at twelve production facilities as well as several research and development centers. September 5th, 2007  - Acquisitions Brussels, Belgium - Nyrstar completes transfer of zinc and lead smelting assets from Umicore and Zinifex Nyrstar announced Tuesday that as of 31 August 2007 it had taken ownership of the zinc and lead smelting and alloying assets of Umicore and Zinifex, thereby formally launching the company and creating the world~{!/~}s largest zinc producer. Incorporated in Belgium and headquartered in London, Nyrstar has wholly owned operations in Australia, Belgium, France, the Netherlands and the USA and joint ventures in Australia, China and France as well as a 24.9% interest in Padaeng Industry Public Company Limited in Thailand. Nyrstar~{!/~}s shareholders, Umicore and Zinifex, have contributed approximately 40% and 60%, respectively, of the relative value of Nyrstar~{!/~}s assets. However, on 31 August 2007, Nyrstar was structured on an equal ownership basis with an appropriate equalization payment to be made to Zinifex from debt raised by Nyrstar. With operations across four continents and more than 4,000 employees, Nyrstar produced over one million tonnes of zinc and zinc alloys in 2006 on a pro forma basis, equivalent to 10.1% of the global market (source: Brook Hunt1). Furthermore, Nyrstar is also one of the largest primary lead smelting and refining companies in the world. The creation of Nyrstar brings together assets that will produce greater competitive strengths in zinc and zinc alloy markets than as separate businesses, and creates an opportunity to become the industry leader. August 31st, 2007  - Acquisitions Houston Texas - Vision buys JDR Cable in £90 million deal Vision Capital, the UK private equity owner of the Thresher off-licence chain, is branching out into the more exotic arena of oil services through a £90m-plus purchase of JDR Cable. The oil services company, which makes “umbilical” cables and hydraulic equipment used in offshore oil exploration, is being sold by Bridgepoint, another UK-based private equity firm. Bridgepoint bought JDR in 1998, when the private equity group was still part of NatWest, the retail bank. Since buying the company for £36m, Bridgepoint has moved its headquarters, replaced the senior management team and expanded into Asia. The oil services sector is booming at the moment on the back of high commodity prices and a push by large energy groups to find new sources of oil and gas. JDR was based in Aberdeen, but Bridgepoint moved the head office to Houston, Texas. This allowed Robert Solberg, the chairman, and Pat Herbert, new chief executive – both US oil industry veterans – to be closer to their largest clients. August 31st, 2007  - Acquisitions Haaksbergen Netherland - TKH has acquired 100% of the shares in FrenchCAE Groupe We apologies for missing this news item due to staff vacations. On July 20th TKH announced that they were in advance stages of negotiations to acquire CAE Groupe a manufacturer of low voltage cables and cable solutions for phone and audio systems. CAE Groupe booked turnover of € 122.1 million and a normalized operational result (EBIT) of € 12 million. CAE has 300 employees. In a follow up release dated July 31 TKH confirmed that a deal had been reached and the transaction closed. The management of CAE Groupe will be continued in its current form and will be lead by Mr. O. Frias, CAE Groupe’s CEO. Mr. Frias will also be appointed as a member of the strategic committee of the TKH group. For this acquisition, TKH issues 400,000 (1.14%) new (certificates of) shares, which will be placed against CAE Groupe’s shares with the management and the other former shareholders of CAE Groupe. The acquisition of CAE Groupe will have a positive impact on TKH’s earnings per share in the second half of 2007. TKH provides further guidance for 2007 Commenting on the transaction Mr. Alexander van der Lof, CEO TKH said: "This significant acquisition accelerates TKH’s geographical development in Europe. CAE Groupe has a strong position in France under its own brand names. TKH will further position CAE’s brand names within Europe. In addition, CAE’s access to the total TKH portfolio creates interesting growth potential for both CAE and TKH." August 29th, 2007  - Acquisitions Milan Italy - Italy's Prysmian to buy IWC in New Zealand Italian cable group Prysmian said on Tuesday it had agreed to buy International Wire & Cable , a smaller peer based in New Zealand, as part of a move to expand its business in the Asia Pacific region. Prysmian expected to close the cash deal by Sept. 3. It did not give the value of the deal. With a staff of 65, IWC had about 20 million euros ($27.3 million) in revenue in 2006, Prysmian said. Prysmian already has two plants in Australia where it makes cables and cable systems for the energy and telecommunications sectors. August 28th, 2007  - Acquisitions Kolkata India - Usha Martin acquires Netherlands firm Usha Martin Limited, a leading producer of speciality steel and one of the world's largest wire rope manufacturers, has acquired the business of a Netherlands-based distribution company through its wholly-owned subsidiary unit Usha Martin International Limited, UK. It acquired the business of DE Ruiter Staalkabel B.V., a distribution company having warehouse and rigging facility in Netherlands. 'The total value of the acquisition is worth around 3 million euro,' Usha Martin senior vice president Subhash Somani told reporters Monday. DE Ruiter has strong brand equity in high-end rope and allied products for shipping, port and oil field applications. The acquisition by Usha Martin would help the company widen its reach in the European market, Somani said. August 28th, 2007  - Acquisitions Porto Alegre Brazil - Acquisitions lift Gerdau Group revenue to R$ 15.3 billion Growth in Brazilian domestic demand, together with the consolidation of companies acquired in Spain (GSB), Mexico (Sidertul), Peru (Siderperu), Venezuela (Sizuca) and the Dominican Republic (Inca), pushed Gerdau Group revenues to R$ 15.3 billion, up 13.7% on the first half of 2006. Of this total, 44.7% originated in Brazil, 39.3% in the United States and Canada, 11.4% in Latin America (Argentina, Chile, Colombia, the Dominican Republic, Mexico, Peru, Uruguay and Venezuela) and 4.6% in Spain. Consolidated net profit for the period was R$ 1.7 billion. We have continued our strategic challenge of being one of the consolidators of the global steel sector, absorbing companies in regions where we already had a presence, such as Latin America and Europe. Although they are not included in the first half balance sheet, we also draw attention to our entry into Asia with the Kalyani Group, opening up the opportunities of a new continent, and the major expansion in the United States with the acquisition of Chaparral Steel said Gerdau Group CEO, Johannpeter. See Extended Story.. August 27th, 2007  - Acquisitions London England - Lakshmi Mittal may fail in China steel deal (see also wirenews August 13 Shanghai China - Take it or leave it - ArcelorMittal learns Hardball negotiations Chinese style). Rumors are persistent that Lakshmi Mittal, has difficulties closing the deal to buy Laiwu Steel. In February the then Mittal Steel announced that they had acquired 38.4 pc Laiwu Steel Corporation, but this attempt to extend the company's global steel empire may be coming unstuck at the hands of the Chinese government. According to people close to the situationthe deal, may have to be scaled back or even scrapped altogether. Officials in Beijing are understood to have expressed discomfort with the idea of Arcelor Mittal owning sizeable stakes in two of the key players in China's fast-growing steel sector, one of a list of so-called 'strategic' industries which the government has determined should remain under domestic control. The difficulty has arisen because in 2005 Mittal acquired a 36.67pc stake in Hunan Valin Steel Tube & Wire Co. The Laiwu deal was originally announced by Arcelor in February last year, prior to its merger with Mittal Steel. "We are still working on our investment in Laiwu," said a spokeswoman for Arcelor Mittal this weekend. "We believe our investment in Hunan Valin demonstrates the added value and expertise we bring to the Chinese steel industry." She declined to say whether the company remained confident of securing regulatory approval for the purchase of the stake in Laiwu, which is a Shanghai-listed subsidiary of Laiwu Steel Group. One person close to the talks said the deal was "dead, or at least very nearly so", while they stressed that if it was to have any chance of gaining approval, the offer price would have to be raised "significantly" from the originally-agreed 5.88 yuan per share. Despite intensive personal lobbying from Mr Mittal, Chinese regulators have reiterated their desire to keep control of major steel companies in local hands. The earlier deal with Hunan Valin had already been scaled back to ensure that Mittal did not own a larger shareholding than the company's Chinese parent. Separately, Mr Mittal is facing a further battle later today as courts in France and the Netherlands are expected to rule on cases brought by minority shareholders in Arcelor that they are being forced to take an unacceptably low offer for their shares. See wirenews August 17th August 22nd, 2007  - Acquisitions Sydney NSW Australia - OneSteel acquires Fagersta stainless steel distribution business OneSteel Limited Managing Director and Chief Executive Officer, Geoff Plummer, announced today that OneSteel has acquired Fagersta Group, Australia’s fourth-largest stainless steel distributor. Fagersta generates sales of around $70 million per annum through its five sites in Brisbane, Sydney, Melbourne, Shepparton and Adelaide. The 43-year old privately owned business has 60 employees. The acquisition of 100 percent of equity in Fagersta will be completed on 3 September 2007. OneSteel will continue to run Fagersta as a separate business, using its existing brand, sites and management team under Fagersta’s Chief Executive Officer Jan Persson. Geoff Plummer said, “The acquisition of Fagersta is a good strategic fit for OneSteel. Demand for stainless steel products has been growing strongly both globally and domestically and it has exposure to a broader market segment base than carbon steel. It should be noted that Fagersta Group has only historic connection to Fagersta Bruks AB. Fagersta AB was dissolved and separate companies were created for the different product areas. Steelmill II was shut down. Fagersta Stainless AB was founded as a specialist in stainless steel wire rod and wire, owned by Avesta AB (later Outokumpu) and Sandvik AB. Today Fagersta Stainless AB is owned jointly and equally by Outokumpu and Sandvik. Fagersta Stainless AB, Sweden, operates a 60000 tonne per annum wire rod mill and wire mill are situated in Fagersta. In March this year Outokumpu Stainless closed its tubular products pipe plant in Fagersta and moved its production of hygien tubes to China. August 22nd, 2007  - Acquisitions Waukegan Illinois - Jana Partners reports increasing stake to 13.1 pct in Coleman Cable Reuters report that Coleman Cable Inc's shareholder, Jana Partners LLC, said in a filing that it had a passive stake of 13.1 percent in the electrical and electronic wire and cable products maker as of Aug. 15. Jana Partners had previously disclosed a 6.85 percent passive stake in Coleman Cable as of March 19. August 21st, 2007  - Acquisitions Dusseldorf Germany - Schmolz+Bickenbach AG acquires Swedish bright steel manufacturer Boxholm Stal AB Schmolz+Bickenbach AG has signed a contract with the former owners of Boxholm Stal AB, Boxholm, Sweden, to acquire the company. Subject to the approval of the cartel authorities, the contract applies retrospectively as from January 1, 2007. Boxholm Stal AB is one of the Scandinavian market leader for bright bars. With 80 employees the company produces approximately 40,000 tonnes of bright steel per year. Boxholm Stal AB fits extremely well into the strategic focus of SCHMOLZ+BICKENBACH AG which is based on a combination of production, processing and distribution in the whole value chain. The acquisition brings additional business opportunities in Scandinavia and the Baltic states. SCHMOLZ+BICKENBACH is now present with customized processing in Denmark and Sweden as well as distribution companies in Finland, Estonia, Lithuania and Poland. Already today, Boxholm Stal AB is an important customer of Swiss Steel AG and Steeltec AG. These relationships will be intensified further. The existing management will continue to manage the company in the future. Also in the future, customers will continue to be supplied under the very well positioned company name of Boxholm Stal AB. By mutual agreement, the purchase price is not being disclosed. August 21st, 2007  - Acquisitions Frankfurt Germany - Kloeckner buys majority stake in Bulgarian company Metalsnab Kloeckner & Co AG said it had lifted its stake in Bulgarian company Metalsnab Holding AD by 70 pct to 77.3 pct, without giving any financial details. Among other things, Metalsnab makes welded steel pipes, galvanised steel sections and sheets and welded wire meshes for concrete reinforcement, and is involved in the trade in ferrous and non-ferrous metals, metal products, raw materials and scrap metal. "Bulgaria is a growing, very interesting market. This makes buying the majority stake in the company Metalsnab Holding a major step in the development of our activities in eastern Europe," said Kloeckner & Co CEO Thomas Ludwig. Metalsnab had about 36 million euro turnover in 2006 with a staff of approximately 250. August 17th, 2007  - Acquisitions Brussels Belgium - Approval obtained for the acquisition of Delphi Catalyst Delphi Corp today confirmed that it has obtained the approval of the bankruptcy court in the United States to sell its automotive catalyst activities to Umicore for USD 75 million. The acquisition will now move towards closing, which is anticipated for the end of September. All regulatory approvals have already been obtained. The focus in the coming months will be on completing a swift and effective integration of the acquired activities within Umicore’s Automotive Catalysts business. August 13th, 2007  - Acquisitions St. Joseph, Missouri - WRCA Signs definitive agreement to purchase CASAR Wire Rope Corporation of America, Inc. (WRCA), one of the world’s leading producers and marketers of specialty wire ropes, announced today that it has entered into a definitive agreement to acquire CASAR Drahtseilwerk Saar GmbH and certain other assets comprising its worldwide business (collectively, CASAR). The transaction is subject to normal closing conditions and is expected to close in approximately 20 business days. Headquartered in Kirkel, Germany, CASAR is a leading European manufacturer of high performance wire rope for use in conjunction with overhead cranes, tower cranes, mobile cranes, offshore cranes and in underground shaft mining applications. CASAR’s premium brand and strong reputation are based on the quality of its products, dedication to product innovation and engineering, industry leading technology know-how and longstanding relationships with many European customers and key distributors around the world. For the full press release use this link August 13th, 2007  - Acquisitions Shanghai China - Take it or leave it - ArcelorMittal learns Hardball negotiations Chinese style. Arcelor Mittal, which thought they had agreed to buy 38.4% of China’s Laiwu Steel at a negotiated price, has had to accept a paring of its stake to improve its chances of winning government approval, sources familiar with the situation said on Friday. They added, that Arcelor Mittal would also have to raise the price significantly in order to clear regulatory hurdles, since the Chinese company’s share price has risen sharply since the deal was originally struck. May be Canada, USA and the EU commission that approves merger and acquisitions should adopt similar methods to improve deals for their shareholders, when acquired by Chinese companies. See Extended Story.. August 11th, 2007  - Acquisitions Shanghai China - Valin Group to acquire 55 pct of Wuxi Steel Shanghai. Hunan Valin Iron and Steel Group plans to purchase a controlling stake in Jiangsu Wuxi Iron and Steel Group, a special steel producer based in Jiangsu Province's city of Wuxi in southeastern China, Valin Group's Shenzhen-listed subsidiary, Valin Tube and Wire Co. Ltd., announced today. August 11th, 2007  - Acquisitions Brussels Belgium - Umicore acquires the automotive catalyst business of Delphi Umicore announced today that it was declared the winning bidder in the auction for the automotive catalyst business of Delphi Corporation. The transaction is subject to bankruptcy court approval at a hearing scheduled for 16 August, with the acquisition anticipated to be completed by the end of September. Regulatory clearance for the transaction has already been received. Umicore agreed to a revised purchase price for the business of USD 75 million, an increase of USD 19.4 million over its original offer of USD 55.6 million. Aside from the purchase price all other terms and conditions of the original offer remained unchanged. As part of the transaction, Umicore will acquire manufacturing and research facilities in Tulsa (Oklahoma, USA), Florange (France) and Port Elizabeth (South Africa). Umicore will also acquire working capital of approximately USD 80 million, a complete customer book and intellectual property portfolio (more than 70 patents), as well as business activities and certain assets in China, Australia, Mexico and India. Existing test programs will continue to run in Bascharage (Luxemburg) and Flint (Michigan, US) under service agreements. Based on a detailed integration plan which Umicore developed in recent weeks and reflecting the projected results of Delphi Catalyst and integration costs, the acquisition is expected to be slightly earnings dilutive to Umicore in the last quarter of 2007. It is anticipated that the acquisition will be earnings accretive in 2008 and generate earnings above the cost of capital thereafter. Bear Stearns acted as financial adviser to Umicore for this transaction and Goodwin Procter LLP as legal adviser. August 9th, 2007  - Acquisitions London U.K. - FKI anticipated takeover runs aground FKI Plc, Britain's biggest maker of wire rope for ships and oil rigs, said discussions about a potential 765 million-pound ($1.54 billion) takeover have ceased, sending the stock down as much as 10 percent. FKI said on June 7 that negotiations were under way with an unidentified party about a bid of 130 pence a share. A statement from the London-based company Tuesday didn't say why the talks failed. A probable reason is that the company lacks a distinct profile and isn't a straightforward takeover target as FKI has four very different businesses. A rope maker like Usha Martin or Tokyo Wire ropes, could be interested in the Bridon division but hardly in the Logistex baggage handling division, the Brush division that makes turbo generators and the Hardware division which makes fittings for doors and windows and is badly effected by the US housing slump. The FKI group will now implement an existing plan (see news item December 2) to dispose of two-fifths of its business, the statement said. Units that make baggage-handling gear and fittings for doors and windows will be sold or spun off, raising cash to expand the main wire-rope and electrical-generator divisions. August 6th, 2007  - Acquisitions Wielicka, Poland - TELE-FONIKA Kable S.A. Acquisition of Enej in Ukraine On the 30th of May, TELE-FONIKA Kable signed an agreement to purchase 100 % of the shares of Enej-Elektrokabel ZAT. On the 11th of June, the court registered TELE-FONIKA Kable S.A. as the owner of 100 % of the shares of Enej-Elektrokabel ZAT. As we informed you of earlier on the 30th of May in the announcement from the Public Relations Department of TELE-FONIKA Kable S.A., on the 17th of May, the Anti-monopoly Committee of Ukraine expressed its approval for the acquisition of the Ukrainian firm. The purchase of Enej-Elektrokabel ZAT makes the sale of products from TELE-FONIKA Kable S.A. more dynamic in Ukraine and allows for flexible reaction to the needs of this market. August 4th, 2007  - Acquisitions Charlotte North Carolina - Nucor to acquire LMP Steel & Wire Nucor Corporation announced today that it has entered into an agreement to acquire substantially all of the assets of LMP Steel & Wire Company ("LMP") for a cash purchase price of approximately $28 million. Finalization of the acquisition will occur after satisfactory resolution of any regulatory approvals, transfer of appropriate permits and other contracts, and other closing conditions. The transaction is expected to close during the third quarter of 2007 and is expected to be immediately accretive to earnings. Located in Maryville, Missouri, LMP is a producer of cold finished bar and operates related businesses servicing the construction and OEM markets in North America. With approximately 100,000 tons of capacity and 155 employees, LMP is a significant player in the cold finish industry. The addition of LMP advances Nucor's North American market leadership position in cold finished steel."The acquisition of LMP is a solid growth opportunity for one of our core downstream businesses," said Dan DiMicco, Nucor's Chairman, President and Chief Executive Officer. "LMP's highly complementary product offering and operations will be a good fit with our existing cold finish business. We look forward to welcoming the LMP employees to the Nucor team." July 30th, 2007  - Acquisitions Nuremberg Germany/Piera Spain - Leoni acquires Spanish cable manufacturer Furas Leoni will acquire the activities of the Spanish cable manufacturer and assembler Furas to round off its portfolio of high-quality power cord products subject to cartel authority approval. With annual sales of about EUR 43 million and about 310 employees, the company, which was established in 1969 and is based in Spain and Morocco, is among Europe~{!/~}s leading manufacturers of cordsets for the electrical appliance industry. High-quality power cords for electrical appliances. Furas has many years of experience in producing rubber-insulated and fabric braided cables and power cords. These are used mainly for small electrical appliances, professional power tools and industrial pumps. With this acquisition in its Electrical Appliances business unit, Leoni will offer its customers a comprehensive range of products in the high-quality power cord segment and will broaden its footprint in the European market. Supported by Furas~{!/~} extensive know-how, Leoni also plans to expand its position in the Chinese market for rubber-insulated and fabric-braided cables and power cords. July 26th, 2007  - Acquisitions Chasse sur Rhone France - Condat acquires Henkel wire drawing activity A deal long in the making has finally closed. Condat announced July 20 that they had reached an agreement to acquire Henkel wire drawing lubricant business. This was one of the hot rumors at the Interwire Show in Cleveland. The deal gives Condat possession of the Henkel wire drawing lubricant business. Condat is one of the largest manufacturers of wire drawing lubricants in the world. The Codat VICAFIL® line of wire drawing products is recognized throughout North America, Europe and Asia for its performance and versatility. July 23rd, 2007  - Acquisitions Shenzhen China - Arcelor Mittal to boost its stake in China's Valin. Arcelor Mittal, the world's largest steelmaker, was cleared to pay about 1.15 billion yuan ($151 million) to increase its stake in Hunan Valin Steel Tube & Wire Co. to tap growth in the world's biggest steel market. The Ministry of Commerce approved Valin Steel's plan to sell 49.3 percent of 520 million new shares to Arcelor Mittal, the Chinese steelmaker said in a statement to the Shenzhen Stock Exchange Saturday. Arcelor Mittal will hold 33.3 percent of Valin Steel, from 29.5 percent now, after the share sale is completed. China, the world's fastest-growing major economy, is the largest maker and user of steel as companies construct more buildings and autos. Arcelor Mittal, which pours 10 percent of the metal worldwide, has been targeting growth in Asia, including China and India, the world's two most populous countries. July 14th, 2007  - Acquisitions Vancouver British Columbia - Tree Island completes acquisition of US and Chinese Wire mills Tree Island Wire Income Fund (the "Fund") has announced that it has completed its acquisition of Universal Metal New Material Co., Ltd. ("UM") and the assets of Baoan International Investment Co. ("BII") for US$17.5 million. The acquisitions, described in the Fund's news release of April 2, 2007, (for details See wire & cable news bulletin report) are a key step in Tree Island's strategy to establish operations in Asia, and enhance its product offering to customers in North America and abroad. UM, a Hong Kong holding company, owns and operates two wire products manufacturing facilities in Tianjin, China, and a branch office in Beijing, China. It will become a subsidiary of Tree Island Industries Ltd. BII owns Universal Sourcing of America Industries Inc. ("USA Wire"), a wire products business with a manufacturing facility in Corona, California, and corporate offices in Covina, California. The BII assets were purchased by Tree Island Wire (USA), Inc. and will be operated by this subsidiary. Tree Island also announced this week that it has entered into a CDN$44.5 million credit facility and a US$44 million credit facility with its Canadian and US lenders. These new facilities replace the Fund's existing credit facilities and will be used to finance the Baoan acquisition and fund future growth opportunities, as well as for general corporate purposes. July 5th, 2007  - Acquisitions Colombier, Switzerland - Changes in AESA and MEA On June 6, a small group of investors, all with engineering background, acquired the shares of AESA SA in Colombier from its sole owner Dr. Andr~{(&~}-Pierre Bouille. At the same date, AESA bought the business assets of MEA Mauf und Rudow GmbH in Wipperf~{(9~}rth, Germany. The combination of AESA and MEA strengths is going to give the unequally best supplier in the cable measuring industry and the most reliable partner for you. Patrick De Bruyne is the new managing director and will focus during the very next weeks on the integration of the MEA team into AESA. He is pleased to count on the active support of A.-P. Bouille during this transition. We will build on the significant complementarities between past AESA and MEA fields of operation to provide a very performing and competitive product range, a strengthened market presence and an efficient service organization. July 5th, 2007  - Acquisitions Mumbai India - Tata Steel loses out in Vietnam takeover battle Tata Steel has lost the bidding battle for Vietnam's Vinausteel and SSE Steel after losing a vote on the resolution for its sale and purchase agreement by Vietnam Industrial Investments, the parent company of the two steel makers. VII informed the Australian Securities Exchange the company is listed on the Australian stock exchange - that the resolution on the sale and purchase agreement was lost on a poll vote by shareholders at its annual meeting on June 29. See Extended Story.. June 28th, 2007  - Acquisitions Hickory North Carolina - CommScope to acquire Andrew for $2.6 Billion CommScope, Inc. and Andrew Corporation today announced that the companies have entered into a definitive agreement, unanimously approved by their respective Boards of Directors, under which CommScope will acquire all of the outstanding shares of Andrew for $15.00 per share, at least 90 percent in cash, creating a global leader in infrastructure solutions for communications networks. The transaction, is valued at approximately $2.6 billion. The combined company will be a global leader in infrastructure solutions for communications networks, including structured cabling solutions for the business enterprise; broadband cable and apparatus for cable television applications; and antenna and cable products, base station subsystems, coverage and capacity systems, and network solutions for wireless applications. "We are pleased to have reached this agreement with Andrew, which we believe is extremely beneficial to the shareholders of both companies," said Frank M. Drendel, Chairman and Chief Executive Officer of CommScope. CommScope, Inc. is a global leader in structured cabling systems for business enterprise applications. It is also the world's largest manufacturer of coaxial cable for Hybrid Fiber Coaxial applications. June 28th, 2007  - Acquisitions Atlanta Georgia - Superior Essex completes acquisition of remaining 40 % of Essex Nexans. Superior Essex Inc. , one of the largest wire and cable manufacturers in the world, today announced that is has completed the acquisition from Nexans of the remaining 40 percent equity interest in Essex Nexans. Superior Essex purchased Nexans' outstanding shares in Essex Nexans for euro 22 million in cash. In addition, Essex Nexans redeemed a euro 11.3 million subordinated note from Nexans. With the completion of the transaction, Superior Essex now owns 100% of the equity of Essex Nexans, the largest European magnet wire manufacturer."We have been extremely pleased with the progress the Essex Nexans joint venture has made since its formation in October 2005, and we have enjoyed our partnership over that period of time with Nexans," said Stephen M. Carter, chief executive officer of Superior Essex. "We look forward to the completion of the Invex acquisition and to continued positive results from our European Magnet Wire business segment." Superior Essex's European Magnet Wire and Distribution business segment will continue to be headquartered just outside of Paris, in Compiegne, France. It currently operates seven facilities in France, Germany, Portugal and the United Kingdom. June 27th, 2007  - Acquisitions Calcutta, India - SPS snaps up closed magnet wire unit SPS Group has acquired a closed magnet wire facility Indo American Electric Co Ltd Durgapur-based Indo American Electric Manufactures copper wire for transformers and heavy duty motors.The unit, which was referred to the Board for Industrial and Financial Reconstruction, has 185 employees on the rolls. It was closed for the last 15 years. Bipin Vohra, the chairman of SPS Group, said the unit would be revived in three months. The group has invested Rs 6.5 crore on the acquisition. The IDBI had a 58 per cent stake in the company, located on a seven-acre plot, while promoter Manmohan Singh held the rest. SPS Group will invest Rs 10 crore now to start work and another Rs 15 crore later to build transformers. June 26th, 2007  - Acquisitions Kolkata/Mumbai India - Independent directors back Tata bid Tata Steel appears to have got the support of independent directors of Vietnam Industrial Investments (VII), the parent of Vinausteel and SSE Steel, in the bidding war for these two companies with the rival suitor. The independent directors have recommended shareholders’ vote for NatSteel’s (a subsidiary of Tata Steel) sale and purchase agreement and not that of its rival suitor, Prudential Vietnam Securities Investment Fund Management Company. Interestingly, Tata Steel’s offer is lower than Prudential’s. The resolution will now be put to vote on June 29 at the annual meeting of VII, after having been adjourned twice. The independent directors feel that shareholders’ approval may mitigate any claim that NatSteel may have against VII, arising due to any breach of the sale and purchase agreement, which VII has denied. June 23rd, 2007  - Acquisitions Kolkata/Mumbai India - Tatas face bidding battle in Vietnam (see also news item June 20) Tata Steel is heading for another prolonged bidding war overseas. The company~{!/~}s proposed acquisition of Vietnam-based Vinausteel and Structural Steel Engineering (SSE) has taken a new turn with rival suitor, Prudential Vietnam Securities Investment Fund Management Company, launching an all-cash unsolicited takeover for parent, Vietnam Industrial Investments (VII). The unsolicited offer came after the legal counsel of NatSteel, a part of Tata Steel, accused VII of breaching their agreement on the sale of Vinausteel and SSE and has also threatened that it will take legal recourse if the agreement is not implemented This is for the second time that Tata Steel is getting into a take-over battle. It acquired the Anglo-Dutch steel company Corus Group after beating rival suitor, CSN of Brazil, through auction. Bankers close to the development said VII~{!/~}s lawyers have received an unsolicited offer from Clayton Utz, on behalf of Prudential, which stated that the fund management company and VII~{!/~}s managing director Henry Lam Van Hung, who holds 10.46 per cent stake, intended to go for an off-market cash takeover. Lam held 10.46 per cent in VII The bid would be made through an entity jointly held by Prudential, which manages and advises over $1.3 billion in funds, and Lam. Lam is stepping down from his current position for the duration of the offer period. Tata Steel did not ~{!0~}wish to comment at this point in time.~{!1~} The Prudential offer values VII at over Rs 80 crore. The VII AGM slated for today to choose the competing offers for its two subsidiaries, has been adjourned. NatSteel announced in March that it would acquire 100 per cent interest of SSE Steel and 70 per cent in Vinausteel. The transaction was to be completed by June. The impasse began with Prudential launching an unsolicited offer of $13.3 million, 10.65 per cent higher than the NatSteels June 22nd, 2007  - Acquisitions Beijing China - Arcelor Mittal to challenge Bekaert for slice of China's tire cord market Arcelor Mittal, the world's largest steel maker, has agreed to buy a majority stake in a Chinese steel wire firm for $27 million, pending government approval, its China representative said on Thursday. The firm, Rongcheng Chengshan Steel Cord Co. in Shandong Province, produces about 60,000 tonnes a year of steel tire cord and bead wire, used to reinforce tires. Arcelor Mittal representative Dirk Matthys declined to comment on the size of the stake. A report in the China Business News said the global giant would own 90 per cent of Chengshan Steel Cord. June 20th, 2007  - Acquisitions Singapore - NatSteel moves to initiate litigation proceedings against Prudential subsidiary NatSteel Asia, the Singapore headquartered Tata Steel subsidiary, will take court action to bloc a rival bid from Prudential plc, UK, for Vietnam Industrial Investment Limited (VIIL)’s two steel plants-Structure Steel Engineering Pte Limited (SSE) and Vinausteel Limited. In March 2007, Natsteel inked a conditional agreement with VIIL, a Perth-based investment company, to acquire the latter’s 100% stake in SSE and another 70% controlling equity in Vinausteel Limited for a $41 million deal. When contacted, a Tata Steel spokesperson said details from Singapore were awaited at Jamshedpur and the parent company did not have any comments till then. The Tata Steel Singapore subsidiary is likely to litigate on the grounds that a rival bid put in by Prudential Plc, through its Prudential Vietnam Securities Investment Fund, violated the ‘no-shop’ clause in the agreement signed between and VIIL. The no-shop clause, according to NatSteel, meant that VIIL would not negotiate with other parties, once the agreement was signed. See Extended Story.. June 7th, 2007  - Acquisitions Brussels Belgium - Umicore reaches agreement to acquire the catalyst business of Delphi Umicore has reached an agreement to acquire the automotive catalysts business of Delphi for USD 55.6 million. The transaction will now be filed with the bankruptcy court in the United States. Given the Chapter 11 bankruptcy protection under which Delphi is now operating, the agreement will be subject to Section 363 of US bankruptcy law and competitive bidding as part of an auction process. It is anticipated that this auction process will take place towards the end of July 2007 and, should Umicore~{!/~}s bid prevail, that the deal would close as promptly thereafter as practicable, subject to the normal regulatory approval process. See Extended Story.. May 28th, 2007  - Acquisitions Santo Domingo Dominican Republic - Gerdau to buy Dominican Republic steel stake for $42 million Dominican Today reports that Gerdau SA, Latin America's biggest steelmaker, has agreed to buy a stake in Industrias Nacionales CA of the Dominican Republic a manufacturer of drawn galvanized wire, welding electrodes, wire mesh, chain link fence, nails, staples and PVC sanitation pipes. The acquisition price for the controlling interest was $42 million. Gerdau will acquire 30 percent of Multisteel Business Holdings Corp., the Porto Alegre, Brazil-based company said in a statement. Multisteel Business controls Industrias Nacionales, known as Inca, which makes and sells 400,000 tons a year of reinforcing rod, wire, tubes, beams and other steel products. "This operation secures the entry of the Gerdau Group in a new consumer market for steel that is in clear expansion," Chief Executive Officer Andre Gerdau Johannpeter said in a statement on Gerdau's Web site. "It is part of our strategy for expansion in the Americas." Gerdau is expanding in Brazil, the US, Canada, Mexico, Colombia, Peru and Spain to boost profit by increasing its share of markets where it already operates, Chairman Jorge Gerdau Johannpeter said. Gerdau plans to help Inca increase investment and will provide management, technical and marketing advice. Osvaldo Schirmer, Gerdau's chief financial officer, said Thursday in an interview that the company's next purchase wouldn't be in Latin America. May 17th, 2007  - Acquisitions Nuremberg / Monticelli d~{!/~}Ongina - Leoni to acquire silicone cable specialist Silitherm Subject to the cartel authorities~{!/~} approval, the wire, cable and wiring systems specialist Leoni will on 2 July of this year acquire 80 percent of the shares in Silitherm, a special cables manufacturer based in northern Italy. The company, which is located in Monticelli d~{!/~}Ongina near Milan, employs about 50 staff and is one of Europe~{!/~}s leading suppliers of silicone cables, which are used, among other industries, in motor vehicles and electrical appliances as well as in petrochemical plants. Silitherm is forecast to generate sales of more than EUR 30 million in the 2007 financial year. The parties agreed not to disclose the purchase price. May 12th, 2007  - Acquisitions Atlanta Georgia - Superior Essex completes acquisition of Nexans Canada's magnet wire operations. Superior Essex Inc. one of the largest wire and cable manufacturers in the world, announced Friday that it has completed its acquisition of Nexans' magnet wire operations in Simcoe, Ontario, Canada. The transaction consists of the acquisition of key operating assets, including inventory and property, plant and equipment. "We see the acquisition of the Simcoe facility as directly aligned with our strategic objectives for our global Magnet Wire operations," said Stephen M. Carter, chief executive officer of Superior Essex. "The Simcoe facility is an industry leader in rectangular wires, including continuously transposed cable (CTC) and related products used primarily by large transformer manufacturers in high-performance power generators and transformers. We believe that market demand will continue to be strong, driven by the growing investment by public utilities in the power grid." The Canadian business, when combined with the operations of the Company's pending Tianjin, China acquisition and its current European magnet wire operations, will make Superior Essex a global leader in this growing, energy- related market segment. It is a natural progression for Superior Essex's business, and the acquisition should allow the Company to better serve its customers with a larger asset and technology base. May 10th, 2007  - Acquisitions Stockhom Sweden - Industri Kapital to sell Elektrokoppar to Liljedahlsbolagen The Industri Kapital 1997 Fund has agreed to sell 100 per cent of its shares in the Elektrokoppar group, a European manufacturer of copper wire rod and winding wire, to Liljedahlsbolagen. Elektrokoppar's turnover amounted to SEK8bn (approximately €870m) in 2006. The group, which has around 600 employees, has manufacturing facilities in Sweden, Germany, Poland and China and refines approximately 200,000 tons of copper and aluminum per year. Its customers are mainly manufacturers of transformers, engines, generators, white goods and vehicles. Gerard De Geer, partner at Industri Kapital, said, 'During Industri Kapital's ownership the company has strengthened its position, especially on the fast growing Eastern European markets. The timing is good for Elektrokoppar to continue to build on these successes with an industrial owner such as Liljedahlsbolagen.' Industri Kapital manages close to €4bn in fund commitments. May 9th, 2007  - Acquisitions Burlington Massachusetts - Woodside Capital announces the simultaneous acquisition of Rehrig International and United Steel & Wire Private equity firm Woodside Capital announced today that it has completed the acquisition of Rehrig International and United Steel & Wire, both strong competitors in the manufacturing of shopping carts and other material handling equipment for retailers. The combined company, known as Rehrig United International, will become a significantly stronger competitor in the shopping cart and material handling marketplace. The combination of specific competencies and products creates a single supplier that can provide retailers with the broadest product line: including plastic or wire cart baskets and chromed or powder coated chassis. Rehrig United will be headquartered in Richmond, VA with manufacturing locations in Virginia and Battle Creek, Michigan. "The creation of Rehrig United, through the combination of two highly complementary stand-alone businesses, results in a powerful market leader in the shopping cart and material handling space, said Vincent R. Gurzo, President and Chief Executive Officer. May 8th, 2007  - Acquisitions Montreal Canada - Alcoa launches $27 billion hostile bid for Alcan Alcoa said on Monday it would make a hostile bid for Canada's Alcan Inc. for nearly $27 billion, after talks between the aluminum rivals failed to lead to a deal. If successful, the bid of $73.25 per share in cash and stock would create the world's largest producer of the metal that is used for products ranging from beverage cans to airplanes, cars and heavy machinery parts. Alcan said it plans to consider the proposal and advised shareholder to wait until it has fully reviewed the offer. Shares of both companies rose on the news. Alcan is seeing ``very strong'' demand from the cable and electric-conductor markets as industrial users substitute the metal for copper, Alcan's Chief Executive Officer Richard Evans said in January. Copper prices have surged more than fivefold in the past four years on the London Metal Exchange while aluminum has doubled. Copper closed yesterday at $8,010 a metric ton, more than twice the $2,863 price for aluminum. See Extended Story.. May 4th, 2007  - Acquisitions Helsinki Finland - Outokumpu Oyj sells remaining stake in Outotec Oyj. Finnish stainless steel group Outokumpu Oyj has sold its remaining 12% shareholding in the Finnish minerals and metals processing technology company Outotec Oyj to institutional investors. The proceeds totaled some EUR160m and Outokumpu will book a non-recurring tax-free gain of EUR142m, according to the company. Outokumpu said that the effect of the transaction on the group's total equity and gearing will be marginal. Outotec, formerly Outokumpu Technology Oyj, is headquartered in Espoo in Finland. It has 1,800 employees and annual sales of EUR556m. The company is listed on the Nordic Exchange in Helsinki. Outokumpu, headquartered in Espoo in Finland, is an international stainless steel company with 9,000 employees in 30 countries and with annual sales of EUR5bn. Outokumpu is listed on the Nordic Exchange in Helsinki. April 30th, 2007  - Acquisitions Highland Heights - General Cable acquires global offshore cable supplier General Cable Corporation announced Friday that it has agreed to acquire Norddeutsche Seekabelwerke GmbH & Co. KG (NSW), located in Nordenham, Germany from Corning Incorporated. The transaction is expected to close today Monday, April 30, 2007. NSW had revenues of approximately $120 million in 2006. "With more than 100 years of experience, NSW has tremendous technical expertise offering complete solutions for submarine cable systems including the manufacturing, engineering, seabed mapping, project management, and installation for the offshore communications, energy exploration, transmission, distribution, and alternative energy markets," said Gregory B. Kenny, President and Chief Executive Officer of General Cable. NSW is a leading global supplier of offshore communications, power and control cables as well as aerial cables for power utility communication and control networks. NSW has been in operation since 1899 and is situated in an ideal location with a deep-sea pier capable of loading cable laying ships directly from their production facility on the North Sea in northern Germany. NSW has manufactured and installed submarine projects throughout the world, including one of the world's longest hybrid submarine communications cable systems extending 8,600 km linking 15 countries. See Extended Story.. April 25th, 2007  - Acquisitions ST Paul Minnesota - 3M to Acquire Innovative Paper Technologies LLC and Powell LLC 3M announced Tuesday that it has entered into a definitive agreement to acquire the business of Innovative Paper Technologies LLC, a manufacturer of inorganic-based technical papers, boards and laminates for a wide variety of high temperature applications; and Powell LLC, a supplier of non-woven polyester mats for the electrical industry. Terms of the transactions were not disclosed. The deal is expected to close in May. IPT manufactures inorganic-based technical papers, boards and laminates and Powell supplies non-woven polyester mats for the electrical industry. Both companies are owned by OS Partners, a Boulder, Co.-based holding company. Paul D. Steece, division vice president of the 3M Electrical Markets Division, says IPT and Powell complement 3M's line of electrical products. The acquisition also allows 3M to enter into a similar market -- flexible insulation materials -- which serve customers ranging from motor manufacturers to wire and cable manufacturers. IPT and Powell employ about 90 people at their operations in Tilton, N.H. and Haverhill, Mass. The companies will remain in New Hampshire and Massachusetts. Paul Kingsbury, chairman and CEO of IPT and Powell, is leaving the company after the acquisition. April 24th, 2007  - Acquisitions Rotterdam The Netherlands - Arcelor Mittal finalizes acquisition of Mexican Sicartsa Arcelor Mittal announces today it has finalised on April 20 the acquisition of Sicartsa, a Mexican integrated steel producer, from Grupo Villacero, for an enterprise value of $1,439 million, following all required approvals of the transaction, including by US and Mexican competition authorities. Arcelor Mittal had initially announced this transaction on December 20, 2006. Sicartsa is a fully integrated producer of long steel, with an annual production capacity of approximately 2.7 million tonnes. Sicartsa has estimated iron ore reserves of 160 million tonnes, providing 30 years of reserves at current production rates. In addition to the full integrated steel making facility at Lázaro Cárdenas, next to Arcelor Mittal's Lázaro Cárdenas works, the acquisition includes Metaver, a mini-mill, Sibasa and Camsa, two rolling mills in Celaya, Guanajuato (Sibasa) and Tultitlán, State of Mexico as well as Border Steel, a mini-mill in Texas, USA. As announced in December 2006, Arcelor Mittal has also entered into a 50/50 commercial joint-venture with Grupo Villacero, active in the distribution and trading of Arcelor Mittal long products in Mexico and in the southwest of the United States, capitalizing on Villacero's commercial network. See also wirenews bulletin October 5th Lázaro Cárdenas, Mexico - Villacero looking for strategic alliance with steel makers April 21st, 2007  - Acquisitions Kolkata India - Did Tata overpay for Corus? Answer expected in June. Is a data void on Corus impacting the valuation of Tata Steel stock? Corus Group Plc has not yet announced results for the quarter to December 31, 2006 and the annual results for the 2006. According to market circles, one may not know the Corus numbers until Tata Steel announces its annual results in June. "Lack of data regarding Corus has hamstrung fundamental analysis on Tata Steel, particularly putting a valuation to the unfolding synergy," said an analyst with a foreign brokerage active in here. In the dynamic world of steel where numbers and estimates are changing fast. A data void like this may only make the valuation difficult," he added. April 19th, 2007  - Acquisitions Toronto Ontario - Industrial Electric Wire & Cable signs letter of intent to purchase WyroTech Industrial Electric Wire and Cable Company (IEWC) of Toronto and Saint-Laurent, Que.-based WyroTech announced today they have entered into an agreement whereby all outstanding shares of WyroTech will be acquired by IEWC. WyroTech is a UL and CSA certified stocking distributor of wire, cable and wire management products. It also provides other services such as the striping, dyeing, twisting and cutting of wire and cable. Founded in 1994 by Mary Bufo, WyroTech services and supports the needs of the OEM and Sub-assemblers located principally in Quebec and throughout Eastern Canada. Bufo will remain with the organization and will be joining the IEWC team. April 19th, 2007  - Acquisitions Glennview Illinois - Anixter International Inc. acquires Total Supply Solutions Limited Anixter International Inc. the world's largest distributor of communication products, electrical and electronic wire & cable and a leading distributor of fasteners and other small parts ("C" Class inventory components) to Original Equipment Manufacturers ("OEMs"), today announced that it had acquired all of the outstanding shares of Total Supply Solutions Limited ("TSS"). Manchester, U.K.-based TSS is a fastener distributor that will complement Anixter's product offering with a broad array of valued-added services and inventory management programs to Original Equipment Manufacturers ("OEMs"). For 2007, TSS is expected to generate sales of approximately $22 million. Of the projected sales approximately half will be in the U.K., with the remainder coming from Poland and the Czech Republic. Anixter is paying approximately $8 million in cash, including the payoff of TSS debt obligations, for all of the outstanding shares of TSS. See Extended Story.. April 17th, 2007  - Acquisitions Kolkata India - Tata Steel to take over Incab Industries. Incab Industries, cable producer of yesteryears, is currently under the Board for Industrial & Financial Reconstruction (BIFR). Incab, is located on around 176 acres of sub-leased land adjacent to Tata Steel in Jamshedpur. Incab Industries Employees Association`s (IIEA) President Rakeshwar Pandey, led a delegation of 27 office-bearers of the company with the trade unions of, Kolkata and Pune, to meet Tata Steel managing director B Muthuraman, requesting him to take over the company. Tata Steel agreed to take over the company on few conditions including; all the sick cable company's trade unions, including all its workers, alongside accepting Pandey's leadership on the issue, extend full support to the steel major in the process ahead and that it will not be necessary that, Tata Steel will continue producing cables at Incab. In April 2000 company-stopped operation, having 1,400 personnel on its rolls, while its second small manufacturing unit in Pune, which is said to be operational even today, employs around 500. It`s head office in Kolkata had another 200-odd staff. Incab owes Tata Steel around Rs 500 million, over and above the penal interest, as the steel company provided power and other civic amenities to both its plant and the small township around it for a number of years. Tata Steel, will seek legal opinion to go ahead with the takeover, considering that two previous bidders are engaged in a legal battle,that is R R Kabel and Pegasus Asset Reconstruction Pvt. (PAR) and Silver Jubilee Pvt. April 10th, 2007  - Acquisitions Irving, Texas - Commercial Metals bids to acquire second Croatian mill Commercial Metals Company, announced that its Swiss subsidiary, Commercial Metals International AG (CMI), has submitted a bid to acquire "Zeljezara Split" d.d. Kastel Sucurac (Split) from the Croatian Privatization Fund. Split is an electric arc furnace steel reinforcing bar mill with a wire mesh facility. This is the second of Croatia's two operating steel mills for which CMI has submitted a purchase offer. In February, CMC announced that CMI had submitted a bid for the Valjaonica Cijevi Sisak (Sisak) pipe mill. All bids for the Sisak mill were subsequently rejected by the Fund which has requested new bids for Sisak due by April 17, 2007. CMC is studying the tender request for Sisak and intends to have CMI submit a bid on or before April 17 for that facility. Both of these privatization efforts are in preparation for Croatia's anticipated membership in the European Union in 2009. CMI is apparently one of six bidders who submitted bids in connection with the proposed privatization of Split. Split has approximately 170,000 metric tons of rebar capacity along with 30,000 tons of mesh capacity. Sisak has currently approximately 70,000 metric tons melting capacity and about 300,000 metric tons of tubular manufacturing capacity in its existing product line which include seamless, welded and cold processed pipe. April 4th, 2007  - Acquisitions Vancouver British Columbia - Tree Island Acquires American and Chinese Wire Products company. ManufacturersTree Island Wire Income Fund (the "Fund") announced Tuesday that it has entered into a binding letter of intent to acquire Baoan International Investment Co. ("BII") and Universal Metal New Material Co., Ltd. ("UM") for approximately US$18.5 million. BII, a California-based corporation, and UM, a Hong Kong-registered company, are majority owned by China's first publicly listed company, China Baoan Group Company Ltd. ("China Baoan"). UM owns and operates two wire products manufacturing facilities in the Binhai New Development Zone in Tianjin, China. BII owns Universal Sourcing of America Industries Inc. ("USA Wire"), a wire products business with a manufacturing facility located in Corona, California, corporate offices in Covina, California and a Representative Liaison Office in Beijing, China. BII and UM's combined manufacturing operations produce drawn wire, stucco reinforcing products, engineered mesh and various industrial wire products. Their trading operations source and export a diverse range of wire products from China to customers in North America. In 2006 BII and UM reported combined sales volumes of approximately 78,000 tons, with revenues of approximately Cdn$67 million. See Extended Story.. April 3rd, 2007  - Acquisitions Boston Massachusetts - Audax Group acquires Arnco and Dura-Line. Audax Group announced Monday it has completed the acquisition of ARNCO Corporation ("Arnco"), from private owners, and Dura-Line Corporation ("Dura-Line"), from Sun Capital Partners, Inc. Headquartered in Cleveland, Ohio and Knoxville, Tennessee, respectively, Arnco and Dura-Line manufacture and distribute extruded high-density polyethylene (HDPE) duct, pipe, and conduit products for the telecom, power utility, electrical, and cable markets. With locations in the United States, Mexico, India, and the Czech Republic, the combined companies serve customers worldwide. Robert F. Smith and Paresh Chari, Chief Executive Officers of Arnco and Dura-Line, respectively, will continue to lead the combined entity. Geoffrey S. Rehnert, Co-CEO of Audax Group, said "Arnco and Dura-Line presented us with a unique opportunity to combine two strong companies and create an industry leader with a broad product offering and global footprint. We look forward to working with Robert Smith and Paresh Chari to build the combined entity through organic growth and strategic add-on acquisitions." Robert F. Smith, Chairman of the combined entity, said "This is an exciting outcome for Arnco's employees and customers. The management team, together with the experience and resources of Audax Group, will enable the combined Arnco Dura-Line to better serve our customers." Paresh Chari, President and CEO of the combined entity, said "Dura-Line has been fortunate to have Sun Capital as our partner for the last few years. We are excited to be working with Audax Group and feel their experience working with and integrating middle market companies will help make the Arnco Dura-Line combination a success." April 2nd, 2007  - Acquisitions Chicago Heights Illinois - Keystone's acquisition of Calumet Steel (follow up March 29th news item) MZG Associates LLC, based in Lansing, sold CaluMetals to Keystone on Friday for an undisclosed sum. However, Keystone Consolidated Industries said it completed an amendment to its current credit facility Monday, increasing the total committed facility amount from $80 million to $100 million, in part to finance the CaluMetals acquisition. MZG had paid $2.6 million for the assets of Calumet Steel in late 2002, which had filed for bankruptcy protection the previous March, claiming it was forced out of the business by low-cost steel imports. More than 200 employees lost their jobs. CaluMetals, which has been renamed Keystone-Calumet Inc., occupies the major portion of the former Calumet Steel Co. site with the remainder leased to other steel-related businesses. Its rolling mill resumed operation in 2004, but its melt shop, which supplied the billets for the rolling mill when it was operated by Calumet Steel, was never restarted. Instead, CaluMetals bought billets on the open market. Frank Di Falco, its vice president and general manager, said the company sold 17,000 tons of steel in 2006 and had approximately $10.9 million in net sales. With Keystone and its billet supply, sales "numbers will go zooming," he said. Keystone said it expects to provide the majority of Keystone-Calumet's billet requirements from its Peoria minimill, which has sufficient capacity to supply the needed billets. "We need billets, they have billets," Di Falco said. "It's a good deal for both of us." The facility, at 317 E. 11th St., has a total of 30 hourly and salaried workers, including the entire management team employed by CaluMetals and all but two of its hourly workers. The company plans to add a second shift to its workday, increasing its payroll to more than 80 by the end of 2007, Di Falco said. Keystone, which emerged from bankruptcy in 2005, makes fabricated wire products, including fencing, barbed wire, welded wire and woven wire mesh for the agricultural, construction and do-it-yourself markets through its Keystone Steel & Wire division. Many of its products are sold under the Red Brand label. Its acquisition of CaluMetals allows Keystone to further enhance its vertical integration strategy by converting more of its current billet production into higher-margin products, the company said in a prepared release. March 29th, 2007  - Acquisitions Bartonville, Illinois - Keystone Steel Mill Rebounds with Purchase Central Illinois is getting some good economic news. A manufacturing company continues its rebound from near-death a few years ago. Keystone Consolidated in Bartonville once needed a ten-million dollar loan when the steel industry was tanking. Five years later its stock price is way up. Enough for it to buy another company, helping to secure jobs and income. Ten years ago the steel mill in Bartonville wasn't looking very strong. The industry was in a downturn along with the national economy. Five years after that, it took a 10-million dollar state loan to save the mill's jobs. The company, mainly through its Keystone Steel & Wire division, makes fabricated wire products, including fencing, barbed wire, welded wire, and woven wire mesh for the agricultural, construction, and do-it-yourself markets. Many of its products are sold under the Red Brand label. A vertically integrated company with its own steel mininmill, Keystone also makes industrial wire and carbon steel rod, as well. See Extended Story.. March 22nd, 2007  - Acquisitions Melbourne Australia - Steel giants in $4bn merger After almost nine months of haggling and abuse Australia's three big steel companies have finally agreed to a deal that will see OneSteel and Smorgon merge to form a $4 billion company, strengthening Australia's steel-making sector and consolidating the industry into two players. The rival negotiation teams worked through to dawn yesterday morning at the Melbourne offices of Smorgon's lawyers Clayton Utz to hammer out the deal, with OneSteel CEO Geoff Plummer and Smorgon boss Ray Horsburgh on one side opposite BlueScope CFO Paul O'Malley and Australian manufacturing boss Brian Kruger. After a break for sleep, BlueScope boss Kirby Adams finally agreed to the deal mid-morning yesterday. PS The merger still requires regulatory approval by Australian Competition and Consumer Commission March 20th, 2007  - Acquisitions Taipei Taiwan - Taiwan's Walsin Lihwa unit buys China precision wire rod operations for 100 million yuan. Walsin Lihwa Corp (1605.TW) said its unit Shanghai Baihe Walsin Lihwa Specialty Steel Co Ltd has acquired the entire equity of China's Yantai Jin Cherng Precision Wire Rod Co Ltd for 100 million yuan. On Friday, the day of the purchase, the newly acquired unit in turn spent 280 million yuan to buy a block of operating assets, including land use rights, a plant and operational equipment from Yantai Huanghai Iron and Steel Co Ltd for 280 million yuan, Walsin Lihwa said in a filing with the Taiwan Stock Exchange. March 19th, 2007  - Acquisitions Chelyabinsk CIS - Bekaert reaches understanding to buy Magnitogorsk wire mill Belgium's Bekaert Group, the world's second biggest steel wire producer by turnover, has reached a preliminary understanding on the purchase of the Uralcord plant from Magnitogorsk. A spokesman for the Magnitogorsk administration told Interfax that the understanding was reached this past week during a meeting between city officials and a delegation from the Belgian company. "The foreign investors intend to expand production and create new jobs," the spokesman said. The administration's website said that Bekaert had received the city's official stamp of approval for its plans to become Uralcord's strategic investor. See Extended Story.. March 15th, 2007  - Acquisitions New Orleans - Shareholders OK Freeport-Phelps deal Freeport-McMoRan Copper & Gold Inc.'s earlier announced $25.9 billion cash-and-stock acquisition of rival Phelps Dodge Corp. was approved Wednesday by shareholders of both companies. The deal would create the world's largest publicly traded copper company. In separate votes by shareholders of New Orleans-based Freeport and Phoenix-based Phelps Dodge, the buyout was approved by about 98 percent of the votes cast, the companies said in a joint statement.The deal is expected to close next Monday the companies said. "This is an exciting time for our company as we transform FCX into the world's largest publicly traded copper producer," said Richard Adkerson, Freeport's president and chief executive officer. The combination will operate as Freeport-McMoRan Copper & Gold, though businesses operating as Phelps Dodge will continue under that name. Adkerson will be the CEO of the merged companies. Phelps Dodge's chief executive officer, J. Steve Whisler, said he was confident that the combination would be "very successful." "Business conditions change. Business conditions evolve. This creates a much stronger player in this sector. They're going to be able to compete in an ever consolidating industry," Whisler said. Freeport officials have said they do not expect any job cuts or facility closures since the two companies' operations do not overlap. Phelps Dodge has about 15,000 employees, while Freeport has about 10,000, mostly in Indonesia, said Freeport spokesman Greg Probst. March 14th, 2007  - Acquisitions Shanghai China - One more set back for Arcelor Mittal as Laiwu Steel Group reneges on price Arcelor Mittal's bid for mid-sized steelmaker Laiwu Steel Corp. has stalled, with Chinese regulators demanding a higher price to let the deal go through, a Laiwu spokesman said Tuesday. The spokesman for state-owned Laiwu Steel denied reports that China's planning agency, the National Development and Reform Commission, had rejected the takeover. "This is still under discussion," said the spokesman, who like many Chinese officials refused to give his name. He said the the NDRC had raised "some conditions, including the price, for the sake of protecting China's domestic steel industry." "If Mittal can accept them, the deal should be no problem. I would say the central government is quite supportive of the deal," the official said. Staff at the NDRC did not respond to the faxed inquiry they requested. A spokesman for Arcelor Mittal, who also refused to be named, said the company was coordinating with Laiwu and the government in eastern China's Shandong province, where Laiwu is based, on the issues raised. Arcelor SA agreed more than a year ago to buy a 38 percent stake in the Laiwu Steel for 2 billion yuan (US$258 million; euro196 million). Parent company Laiwu Steel Group would have a matching stake of 38 percent, with most of the remainder to be sold by initial public offering on the Shanghai Stock Exchange. Arcelor Mittal has a 33 percent stake in Chinese specialty steelmaker Hunan Valin Steel Tube & Wire Co. and is reportedly in talks with Kunming Iron & Steel Co., the biggest steelmaker in the southwestern province of Yunnan. March 12th, 2007  - Acquisitions Waukegan Illinois - Coleman Cable, Inc. to acquire Copperfield, LLC Coleman Cable, Inc. and Copperfield, LLC ("Copperfield") announced today that Coleman Cable has agreed to acquire all of the equity interests in Copperfield for $213 million in cash. Management believes that the Coleman Cable-Copperfield combination will result in one of the premier U.S. based manufacturers of electrical and electronic wire and cable products. Copperfield, currently majority owned by Spell Capital Partners, is one of the largest private fabricators and insulators of copper electrical wire and cable in the United States. Copperfield sells its wire and cable products to industrial distributors and OEMs which operate in a diversified set of end markets including electrical, recreational vehicle, transportation, appliance and welding cable sectors. Copperfield estimates that its revenues and EBITDA for the twelve months ended December 31, 2006 will be approximately $520 million and $35.3 million, respectively. The strategic acquisition of Copperfield broadens the scope of Coleman Cable's product offering, further strengthens its strategic relationships with industrial distributors and increases Coleman's end-market diversity. See Extended Story.. March 9th, 2007  - Acquisitions Mumbai India - Tata Steel's unit NatSteel Asia buys stake in two rolling mills in Vietnam India's Tata Steel Ltd's wholly-owned unit NatSteel Asia Pte Ltd has acquired a controlling equity stake in two rolling mills in Haiphong, in Vietnam, for about 41 mln usd. The transaction is expected to close by June this year. In a statement to the Bombay Stock Exchange, Tata Steel said Natsteel has acquired a 100 pct stake in a 250,000 tonnes per annum bar/wire rod mill in SSE Steel Ltd and 70 pct stake in Vinausteel Ltd which produces 180,000 tonnes per annum reinforcing bar. Vinausteel's balance equity is held by Vietnam Steel Corp. Tata Steel said the acquisition of these two mills will allow the company to strengthen and expand its presence in Vietnam. The company through its subsidiary currently operates a 100,000 tonnes p.a. reinforcing bar/wire rod mill in a joint venture with Vietnam Steel Corp. in Thai Nguyen, which is located about 70 km north of Hanoi. March 8th, 2007  - Acquisitions Mumbai India - Mittals in talks to buy German steel company Saarstahl AG The Mittal group is in talks to buy steel company Saarstahl AG, located in Saarland, Germany, the Indian daily Financial Express reported. ""The Mittal group is looking at Saarstahl, long products rods and wire business. We do not expect it to be a hostile takeover and we are pleased with this proposal," the report quoted Joachim Kiefaber, Head of Department of International Economic Relations, Ministry of Economics and Labour, Saarland as saying. According to the report the acquisition is expected to take place sometime this year. Saarstahl AG is among the top high quality wire rod producers in Europe with an annual production of about 1.7 million tonnes, the paper said. March 7th, 2007  - Acquisitions Beijing China - China's Baotou Steel says Mittal stake talks ended China's Baotou Iron and Steel Group has ended talks with Arcelor Mittal on selling a stake to the global giant, the Chinese company's chairman said yesterday. "We are not talking about any actual cooperation anymore," Baotou Steel chairman Lin Donglu told Reuters. The termination follows an expression of interest in Inner Mongolia-based Baotou, China's 12th-largest steel mill, by Baosteel Group, China's biggest steelmaker. Baosteel has played an aggressive role in consolidating China's fragmented steel industry, while China is keen to keep its rare earth resources, which have military applications, in Chinese hands. Mittal began talks with Baotou to buy a stake of as much as 49% prior to Mittal's deal last year to merge with Arcelor, creating the world's largest steel producer. Arcelor Mittal already holds a stake in another Chinese steel mill and has signed an agreement to buy into a second. Although the Chinese government's steel industry blueprint allows foreign firms to take a non-controlling stake in Chinese mills, in practice only one such deal -- Mittal's purchase of a stake in Hunan Valin Steel Tube & Wire -- has been approved. March 5th, 2007  - Acquisitions Irving Texas - Commercial Metals buys additional stake in Polish unit. Commercial Metals Co. said Friday it had purchased a 26.8 percent stake in its Polish steel mill, CMC Zawiercie SA, from the Polish Ministry of State Treasury for $59.5 million. Commercial Metals now holds about 99 percent of CMC Zawiercie shares outstanding. The Polish Ministry retained a minority stake in CMC Zawiercie, which primarily makes rebar and wire rod, when the mill was privatized in 1995. The Ministry continued to hold the shares following Commercial Metals' 2003 acquisition from Impexmetal SA of the mill's controlling stake. CMCZ is the second-largest steel producer in Poland with annual production of about 1.3 million metric tons. In January as previously reported CMC Zawiercie upgraded its rod mill see news item dated January 18. March 3rd, 2007  - Acquisitions Johannesburg South Africa - Black investors buy 26% of Anglo American wire rod unit Heavyweight diversified miner Anglo American sold a 26 percent stake in its wholly-owned subsidiary Scaw Metals to black investors in line with South Africa's affirmative action drive.Anglo American said on Thursday the transaction valued the unit at 5.3 billion rand. Anglo will hold the remaining 74 percent. Anglo said its had sold a 21 percent equity stake in Scaw SA to a consortium led by Izingwe Holdings and comprising three black economic empowerment (BEE) partners and a BEE women's group, and a further 5 percent to an employee trust. The miner said it viewed the transaction as a necessary strategic response to increasing market requirements for empowerment credentials."This is particularly borne out in the mining, power generation and railway industries, which constitute the majority of Scaw SA's business," it said in a statement. Scaw Metals is one of Africa's largest diversified iron, steel and engineering works. In 2006 it sold over 1.4 million tonnes of steel product and recorded sales of 6.4 billion rand. Its main operations are located in South Africa and in North and South America. Scaw produces rolled steel products (bar, wire rod, sections), steel and high chromium white iron castings and cast high chromium among others. The BEE Consortium consists of Izingwe Holdings with a 7 percent stake, Southern Palace Holdings (6 percent) and Shanduka Resources (5 percent). March 3rd, 2007  - Acquisitions Belding Michigan - Mueller Industries acquires Extruded Metals On Tuesday, Mueller Industries in Memphis, Tenn., announced that it had acquired all of Extruded Metals Inc.~{!/~}s outstanding stock. Mueller Industries paid $32 million for the company in addition to assuming about $10.1 million in debt. The transaction was effective Tuesday. ~{!0~}It was an opportunity to grow our business with a similar product line that we are involved with today,~{!1~} Mueller Industries Chief Financial Officer Kent A. McKee said. Extruded Metals President George Dykhuizen referred all questions to a press release on his company~{!/~}s Web site. Belding City Manager Randy DeBruine said Dykhuizen told him that the plant at 302 Ashfield St. would ~{!0~}more than likely~{!1~} stay in Belding. Extruded Metals employs about 230 workers. Mueller Industries officials did not comment on the plant remaining in Belding. Extruded Metals opened in Belding in 1938. It is a manufacturer of brass rods of various shapes, sizes and alloys that are sold to original equipment manufacturers, screw machine shops and service centers. See Extended Story.. March 1st, 2007  - Acquisitions Brantford Ontario - St. Joseph~{!/~}s Wire Rope buys Canadian maker of cables Wire Rope Corp. of America Inc., a St. Joseph steel company, has purchased a Canadian-based producer of cables for the oil and gas industry. Terms of the acquisition of Wireline Works were not disclosed. Wireline Works, located in Calgary, Alberta, is the market leader for single-conductor logging cables used in oil and gas drilling, according to Wire Rope. The cables transmit data used for geological assessments on holes being drilled by oil and gas companies. Wireline has 25 employees, said David Hornaday, Wire Rope~{!/~}s vice president of marketing. February 24th, 2007  - Acquisitions Bellefonte, Pennsylvania - Bolton MKM acquires Cerro Metal Products The Marmon Group said Thursday that their subsidiary Cerro Metal Products had been sold to Bolton MKM Group of the United Kingdom."The decision was made to alter (Marmon Group's) investment in the Cerro Metals business," said Woody Petchel, president of industrial sector for Chicago-based Marmon. A total of 296 people are employed at Cerro Metal Products headquarters at 2022 Axemann Road. The company manufactures brass rod, wire and low-melt alloys for the plumbing, hardware, valve and fitting, electronics and other industries. Bolton MKM is the U.K.'s largest manufacturer of both extruded and drawn rod, profile and wire in brass, copper and bronze, according to the company's Web site. See Extended Story.. February 20th, 2007  - Acquisitions Highland Heights Kentucky - General Cable acquires Chinese specialty cable facility General Cable Corporation announced Monday that it had acquired Jiangyin Huaming Specialty Cable Co. Ltd., a Chinese manufacturer of specialty automotive and industrial cable products, based in Jiangsu province. The new company, General Cable (Jiangyin) Co. Ltd., with revenues of approximately $12 million, employs approximately 200 associates. Over the next three years, General Cable plans to invest additional capital and introduce technology and manufacturing expertise to improve the utilization of the acquired assets and expand the new Company's product portfolio, profitability and revenue base. Revenue growth is expected to come primarily from the fast growing domestic Chinese market as well as export opportunities to customers in the wider Asia Pacific region. The Company expects to use a small amount of proceeds from its recent convertible debt offering to fund both the initial purchase price and any required short-term capital investments See Extended Story.. February 15th, 2007  - Acquisitions Santiago Chile February - Madeco announces acquisition of 80% of Cedsa S.A. Madeco S.A. reported Monday the to the Superintendencia de Valores y Seguros (Chilean Securities and Insurance Superintendence”) that Madeco S.A. had acquired the 80% of the shares of CEDSA S.A., at the price of US$ 3.7 million, paid in cash. The agreement was reached on February 12, 2007, with the purpose to expand the Company presence in South America. Cedsa S.A. is a Commercial Society that owns a cable factory in the city of Bucaramanga, Colombia. It has a capacity of 200 tons per month (approximately) for copper cables and 60 tons per month (approximately) for aluminum cables; furthermore, this company reaches nearly an 8% of the Colombian market share. Along with these shares purchase, shareholders settled a commitment to carry out a capital increase of US$ 6 million, to be subscribed and paid proportionally to their respective shares. This capital increase will be destined to increase the production capacity of CEDSA S.A. in order to take advantage of the opportunities that the expansion of the Colombian economy is displaying. This operation was informed as a “Hecho Reservado” (Classified Issue) to the Superintendencia de Valores y Seguros (Chilean Securities and Insurance Superintendence, or “SVS”) on September 27, 2006. Tiberio Dall’Olio Lenzini CEO of Madeco said in the press release. Madeco, formerly Manufacturas de Cobre MADECO S.A., was incorporated in 1944 as an open anonymous corporation according to Chilean law. Currently it has operations in Chile, Brazil, Peru, and Argentina. Madeco is a leader in South America in finished and semi-finished copper, aluminum and alloy products. February 13th, 2007  - Acquisitions Mumbai India - Hindalco, now a heavyweight of light metal It~{!/~}s been a long journey for Hindalco from being a small refinery in Renukoot to becoming one of the largest producers of non-ferrous metals in the world. With the acquisition of Novelis for about $6 billion, Hindalco controls over 20% of the world flat rolled capacity in aluminum. This is the second largest metal industry deal by an Indian company, after the Tatas acquired Corus for $12.1 billion. Even before the deal, Hindalco was among the largest metal producers in the world. It is the world~{!/~}s ninth largest copper producer with 0.5 mtpa capacity and Asia~{!/~}s fourth largest aluminum producer with a capacity of 0.4 mtpa. The Hindalco story began in 1958, when it was incorporated and started production at the Renukoot refinery with an initial capacity of 40,000 tonnes per annum (tpa) of alumina and 20,000 tpa of aluminum metal. The company, which initially made only ingots, added downstream rolling and extrusion capacities in 1965. In 1967, it also began power production for captive use at the Renusagar power plant. The cheaper in-house production of power has helped the company to contain its power costs to 30% of total expenses compared to an industry average of nearly 40%. See Extended Story.. February 8th, 2007  - Acquisitions St Louis Missouri - Belden acquires LTK Wiring Co. Ltd of Hong Kong. Belden has entered into a definitive agreement to purchase LTK Wiring Co. Ltd., in an all-cash transaction for approximately $195 million. LTK Wiring, a subsidiary of LTK Industries Limited, is one of the largest manufacturers of electronic cable for the China market, with 2006 revenues of approximately $220 million. The acquisition of the Hong Kong based cable manufacturer fulfills Belden's strategic goal to increase its presence in faster growing markets. LTK Wiring will provide manufacturing capacity in China and a strong platform for regional growth. "We are delighted to bring LTK Wiring, a company with an outstanding reputation for quality and innovation, into the Belden family," said John Stroup, Chief Executive Officer of Belden. "This acquisition propels us toward one of our stated objectives, expanding our presence in faster growing emerging markets. It adds another prestigious brand, LTK, to our portfolio, and better positions us to compete effectively in China. We are confident that LTK Wiring has the management depth and strong infrastructure to be a platform for Belden's growth throughout the region. "LTK Wiring is a valued cable supplier to companies manufacturing consumer electronics, telecom equipment, white goods, automobiles and other OEM products in China," Mr. Stroup continued. Simon T.Y. Cua, Managing Director, LTK Industries Ltd., will continue as Managing Director of LTK Wiring during a transition period. See Extended Story.. February 6th, 2007  - Acquisitions Zwolle The Netherlands - Wavin acquires Polyfemos Wavin N.V., leading supplier of plastic pipe systems and solutions in Europe, has acquired Polyfemos, a Norwegian supplier of cable duct systems for Telecom access networks. Polyfemos is based in Alta, has 20 employees and reported 2006 revenues of EUR 5 million. The acquisition is expected to be completed in Q1 2007. Parties have agreed not to disclose the financial details of the transaction. With the acquisition, Wavin further strengthens its position in Scandinavia in this fast growing market segment. The acquisition will offer additional value in terms of product range and project engineering capabilities. Plastic cable duct systems are used to guide and protect fiber optic cables in the ground as well as inside buildings. These systems create flexible and cost efficient solutions for installation and future enhancement of modern access networks. Wavin already has a dedicated plant in France for micro duct related systems and is a leading player in the European market of cable duct systems for so called ~{!.~}Last Mile Telecom~{!/~}. February 3rd, 2007  - Acquisitions Préverenges, Switzerland - Nextrom Acquires Preform and Optical Fiber Plant from Dätwyler We are pleased to inform you about the successful acquisition of 100% of the shares of DÄTWYLER Fiber Optics SA in Boudry (canton of Neuchatel), Switzerland by NEXTROM SA, a subsidiary of the Austrian Knill Group in Switzerland per 1st of January 2007. With its 15 highly skilled employees, and with state-of the-art technology, the fiber plant in Boudry produces the highest quality of telecom fibers and specialty fibers. Additionally the company develops innovative processes for glass preform production and optical fibers. See Extended Story.. February 1st, 2007  - Acquisitions London U.K. - Tata Steel wins Corus with £6.2billion offer Tata Steel of India won the battle to control Anglo-Dutch steelmaker Corus with a £6.2billion (US$12.2bn) offer on Wednesday, after more than eight hours of head-to-head bidding against Companhia Siderúrgica Nacional of Brazil. Bidding was slow to start as the contesters like boxers waiting for the other to move. Tata was eventually the declared winner with a bid of 608p a share in cash, against CSN’s bid of 603p a share. The Tata bid valued Corus at an astonishing £6.7billion including debt way above the City's wildest expectations considering that only 4 years ago Corus was on the verge of bankruptcy battling a combination of depressed steel prices and a strong pound. What does Tata get apart from a place in the sun that squarely puts India's steel industry in the lead and makes Ratan Tata India's national hero and the government's golden boy of the year. Corus has revenue of about $20bn, which would mean for the first time more of Tata's turnover would be from overseas. It would also mean that most of the turnover would be in one industry, steel. Tata says it needs to internationalize to capture growth, build scale, diversify its commercial and political risk, gain access to strategic assets and technology and to secure natural resources. Corus is the world's eighth biggest steelmaker with an output last year of 18m tonnes of steel. Tata Steel, by contrast, is a minnow with production from its one site in Jamshedpur last year of 5m tonnes, making it the 55th biggest steelmaker in the world, according to international rankings. Technically the deal is a good fit both for Tata and Corus. Tata's edge stems more from its control of iron ore supplies. Tata Steel, one of the world's lowest-cost producers of steel, will ship raw steel for finishing at Corus' sophisticated but high-cost plants in Europe. Tata Steel gets a new market for its production while Corus gets low-cost inputs. The deal is further strategically inline with Tata Steel's recent overseas acquisitions of NatSteel in Singapore and Millennium Steel in Thailand. February 1st, 2007  - Acquisitions London U.K. - Laird makes $38million acquisition of Aerocomm We picked up this news item from the Financial Times that reported that British electronics and security systems company Laird Group Plc was buying U.S. AeroComm for $38 million (19 million pounds). Aerocomm, based in Lenaxa, Kansas is a US maker of radio-frequency modules, which are increasingly used across industries to replace cables, which was the reason for this editor to investigate the technology closer. While the claim of replacing cables is correct, cable producers need not be overly concerned. The big story is instead that they along with wire producers ought to turn to their suppliers of equipment and ask why this technology is not more widely used. When this editor accessed the Aerocomm web site http://www.aerocomm.com/rf_applications/wireless_industrial-control.htm I found that these devices replace external wiring from push buttons limit switches etc on a drawing machine to the terminals in the control panel so that the only cabling required would be the cables to motor armature and field eliminating much of the on-site electrical wiring. Another spin-off, it would now be economically feasible to test equipment prior to shipment and a lasting feature for time eternal the equipment could easily be relocated. Arguably I am technically somewhat out of the loop since it is 15 years since I last commissioned a wire drawing machine but to me this technology seems to be the cat's meow, as news en par with sliced bread. February 1st, 2007  - Acquisitions Atlanta Georgia - Superior Essex acquires Nexans' magnet wire operations in Canada and China Superior Essex Inc. announced Wednesday that the company had entered into definitive agreements to acquire Nexans' remaining magnet wire operations in China and Canada. The transactions consist of the purchase of Nexans' 80% equity ownership position in Nexans Tianjin Magnet Wire and Cables Co. and the acquisition of key operating assets (including inventory and property, plant and equipment) of Nexans' Simcoe Canada magnet wire business. While the purchase price for the transactions is subject to adjustments, the Company estimates the combined purchase price will approximate $25 to $30 million in cash plus the assumption of approximately $10 million in debt. The transactions are subject to customary closing conditions, including regulatory approvals and compliance with the shareholder agreement with Nexans' Chinese partner. It is expected that the acquisitions will be completed in the second quarter of 2007. In the most recent fiscal year ended December 31, 2006, total revenues of the combined Simcoe and Tianjin operations were approximately $150 million See Extended Story.. January 31st, 2007  - Acquisitions Sandviken Sweden - Sandvik to acquire former GE superabrasives business Swedish tool manufacturer Sandvik Tooling agreed to acquire Diamond Innovations Inc., the former Superabrasives Division of General Electric Company, in the United States from the private equity company Littlejohn & Co. LLD. The acquisition is expected to be completed during the first quarter of 2007. Diamond Innovations is a world-leading company in the development and production of synthetic diamond and cubic boron nitride products for such industrial applications as machining, oil and gas drilling, grinding, rock drilling and wire drawing. January 31st, 2007  - Acquisitions Milwaukee Wisconsin - Brady Corp. buys Italian identification maker Modernotecnica. Brady Corp. has acquired Modernotecnica SpA, a Milan, Italy, based maker of wire identification products. Financial terms of the transaction were not disclosed. Modernotecnica products include wire markers, electrical signage, nameplates and faceplates, cable management accessories, and software and printers used in wire marking. The company, founded in 1940, employs 44 people and has annual sales of $15.5 million. Milwaukee-based Brady employs about 9,000 worldwide and has annual sales of more than $1 billion. Peter Sephton, president- Brady Europe, said, "This acquisition enhances our local presence in the Italian electrical market, and further strengthens our position as a leader in wire identification in Europe." January 30th, 2007  - Acquisitions Attimis, Udine – Italy - Eurolls Group Acquires Global Assets of Cortinovis SpA’s Wire and Cable Machinery Business Renato Railz, President of the EUROLLS Group, is pleased to announce the acquisition of the business activity of Cortinovis SpA, which now becomes Cortinovis Machinery SpA, for the manufacture of machinery used to produce power cables, telephone cables, and steel ropes, which is located in Bergamo, Italy. The EUROLLS Group, is currently a major supplier in the wire machinery field with its other companies; Eurolls Machinery Division SpA, Team Meccanica SpA, Vitari SpA and Teurema. This acquisition compliments and expands EUROLLS Group’s broad product offering in the market of wire machines, generating significant opportunities and synergies that will bring major advantages to the market. See Extended Story.. January 29th, 2007  - Acquisitions London U.K. - Auction battle to decide who gets Corus The £5bn battle to control Corus, the Anglo-Dutch steelmaker, could be resolved next week in a 10-hour auction after an unusual intervention Friday from the UK Takeover Panel. Unless either side has made a knock-out bid for Corus before Tuesday, Corus's fate will be decided by an auction between Tata Steel of India and CSN of Brazil, the panel said. Bidding will start at 4.30pm London time and end by 2.30am on Wednesday, with an announcement of the winner by 3am. There will be up to nine rounds of bidding. Both CSN and Tata Steel had agreed to the terms of the auction, the panel said. As earlier reported the two steelmakers have been locked in a bidding war for Corus for several months. The panel has met Tata, CSN and Corus in recent weeks in an attempt to reach a pact on the process guiding final offers, and set a deadline of January 30 for bids. Yesterday it went further and set up an auction process in order to resolve the situation cleanly and fairly. The panel has used the process just twice since a provision allowing such auctions was introduced in 2002. Corus shares rose 5p to 558p yesterday, their highest level for seven years. As our readers may recall the company was on the brink of collapse five years ago but has since recovered, thanks to a corporate restructuring and the steep rise in world steel prices. A takeover of Corus by either CSN or Tata Steel would create the world's fifth-biggest steelmaker and would be the latest deal in a wave of consolidation in the global steel industry. January 19th, 2007  - Acquisitions Shanghai China - Baosteel Buys 85 % Stake in Xinjiang Steel Maker. The Shanghai-based Baosteel, China's largest steel maker, has invested 3 billion yuan in a 85 percent share of the largest steel maker in northwest China's Xinjiang Uygur Autonomous Region. Baosteel signed the contract with Xinjiang Bayi Iron & Steel Co. Ltd on Tuesday in Urumqi. "The unique geographical position of Xinjiang and its market ties with central Asian countries is a key reason for Baosteel to travel thousands of miles to cooperate with the company," said Xu Lejiang, CEO of Baosteel. Baosteel is one of the most profitable steel enterprises in the world with an annual production capacity of over 20 million tons. It ranked 296th on the 2006 list of Fortune 500. Xinjiang Bayi Iron & Steel Co. Ltd was built in 1951 and had an output of 2.84 million tons of steel in 2005. In order to improve their status on the international stage, merger-and-acquisition strategies have become common among China's steel companies. See Extended Story.. January 16th, 2007  - Acquisitions London U.K. - Tata preparing for new offer in Corus takeover battle The Tata Group is reported to be readying for a fresh offer for Corus steel plant, setting up the end of January as the last date for offers set by the Takeover Panel. Mr Ratan Tata has to decide on a new offer until the end of January, but the expectation is that he is preparing to increase his offer to 550p a share, well above the 515p bid from CSN's chairman Benjamin Steinbruch and will make it known soon, possibly later this week. This was reported by the Observer. The only doubt is that as there are major expansion plans of Tata in Asia itself the group would not enter in a bidding race any further if CSN outbids it again. The merger with either Tata or CSN would create the fifth largest steel group in the world with a combine output approaching 24 million tonnes of steel a year. December 15th, 2006  - Acquisitions Copenhagen Denmark - NKT Cables acquisition of Kablo Elektro Group approved. NKT Cables’ acquisition of Kablo Elektro and its subsidiary Kablo Elektro Velké Meziøíèí in the Czech Republic was conditional upon the approval by the relevant competition authorities. The official process has now been concluded and the transaction has been approved without conditions in the countries in which this was required. The transaction is therefore binding and scheduled for completion on 2 January 2007. (see also wirenews September 18th - NKT cables acquires Czech company for details) December 15th, 2006  - Acquisitions Adrian Michigan - Brazeway Inc. acquires Sparvel S.A de C.V Mexico Adrian based Brazeway Inc. announced Tuesday that it will purchase a Mexican refrigeration component manufacturer. The products made at Sparvel, located in Queretaro, Mexico, will complement Brazeway~{!/~}s existing product lineup, said Brad Hein, vice president of refrigeration sales at Brazeway. Sparvel is a standalone operation that manufactures steel wire for refrigeration condensers. The company was founded in 1967 and has a strong presence in the North American refrigeration industry, according to a Brazeway news release. None of Brazeway~{!/~}s United States operations, including plants in Hopkinsville, Kentucky and Shelbyville, Indiana, will be affected, according to Hein. The company has operated an additional production facility in Cienega de Flores Mexico since 1996, Hein said. The acquisition will add welded steel tubing, freezer shelves and condensers for household and commercial refrigeration to Brazeway~{!/~}s product lineup. December 12th, 2006  - Acquisitions Londondon U.K. - Bidding war for Corus heats up CSN trumps Tata with £5.7bn bid for Corus The battle to control Corus reached a new level on Sunday when Tata increased its offer, from 455p to 500p a share, in a pre-emptive strike against CSN, who had said it was working on a 475p-a-share bid. The board of Corus met on Sunday, and later recommended Tata’s higher offer. But CSN quickly struck back, and launched an offer of 515p a share for Corus just after the London market opened on Monday, which the board of Corus then also recommended. Corus shares jumped 5 per cent to 525p in mid-morning London trading, while in São Paulo CSN shares fell 1.5 per cent fell 1.4 per cent to R$63.85. In Mumbai, Tata shares closed 6 per cent lower at Rs453.4. Tata said it was “considering its position on Corus” following news of CSN’s bid. December 11th, 2006  - Acquisitions Pittsburg Pennsylvania - Buyout firms purchase Latrobe Steel from Timken Private-equity groups Hicks Holdings Co., Watermill Group and Sankaty Advisors said Friday they bought Latrobe Specialty Steel Co. from The Timken Co. for $215 million in cash. The buyers also assumed $35 million in Latrobe liabilities, including pension funding. Latrobe makes specialty steel for the aerospace and tool-and-die markets. The company posted 2005 sales of $345 million, nearly 7 percent of Timken's revenue. Thomas O. Hicks of Hicks Holdings said Latrobe has done well as a Timken subsidiary and should do even better on its own. Latrobe Steel has more than 800 U.S. workers, including about 530 in its hometown of Latrobe, Pa. It was founded in 1913 and acquired by Timken in 1975. But Timken's declining demand for internally manufactured roller wire has reduced its need for the unit. "As with our recent sale of the precision steel components business in Europe and our intention to exit the tubing business in the United Kingdom, the sale of Latrobe Steel reinforces our focus on the alloy steel business," said Salvatore J. Miraglia Jr., president of Timken's Steel Group. "We invested in our alloy steelmaking capabilities during 2006, adding a new induction heat-treat line and expanding large-bar capacity, and will continue to look for opportunities to strengthen our portfolio in this core area going forward." Timken purchased Latrobe Steel in 1975 to have direct access to its coil-making capacity to support the company's bearing manufacturing. In recent years, Timken's declining demand for internally manufactured roller wire has decreased Latrobe Steel's synergy with the company's bearing business. December 9th, 2006  - Acquisitions Toronto Ontario Canada - Harris Steel in talks that could lead to sale Harris Steel Group announced Thursday it has begun "preliminary discussions" with an unnamed third party that may lead to its sale. The company has set up a special committee of independent directors to oversee the talks, it said in a release issued just before the markets closed. GMP Securities has been hired as its financial adviser. "There can be no assurance that any agreement will result from these efforts or that any transaction will be completed," it said. Toronto-based Harris Steel Group makes reinforced steel bars, grating, wire and wire mesh products for the construction, mining and automotive industries. It employs 2,000 people at 44 facilities in Canada and the United States. U.S. steelmaker Nucor Corp. is being pegged as the obvious suitor for Harris Steel Group Inc, even though the Canadian company is keeping the name of its potential suitor under wraps, market analysts said on Friday. December 9th, 2006  - Acquisitions Pune India - Mahindra & Mahindra Ltd sells cable accessories unit to 3M Mahindra & Mahindra Ltd. said on Friday that group company Mahindra Engineering & Chemical Co. Ltd. had sold its cable accessories division (a maker of Harness Cable Connectors, cable plugs, cable terminals, battery cable assembly, lead wires and high tension cords, to 3M Electro & Communication India Pvt. Ltd. The terms of the transaction were not disclosed. Mahindra and the unit of U.S.-based 3M Co. had entered an agreement for the sale in the latter part of October, Mahindra said in a statement. "The decision to sell off the business is in line with the group's strategic intent to exit non-core businesses," Raghu Murti, director of Mahindra Engineering, said in the statement. The Mahindra unit, based in Pune, employs about 70 people. "This acquisition provides 3M with immediate local manufacturing capability, an extensive distribution network and a strong local brand in India," Amit Laroya, managing director of 3M Electro, said in the statement. December 2nd, 2006  - Acquisitions Paris France - Nexans concludes its acquisition of Olex Nexans announced Thursday the closing of its acquisition of the Australian company Olex, a major southern Asia-Pacific cable producer. This acquisition, (see wire & cable news November 10), reinforces Nexans' position in energy cables, its core activity, and doubles its exposure to the buoyant markets of the Asia-Pacific region. The cost of the operation was 515 million Australian dollars (approximately 310 million euros). November 29th, 2006  - Acquisitions London U.K. - Corus delays extra shareolder meeting on take-over to December 20 Corus said Monday it had postponed a key shareholders' meeting to allow more time for Companhia Siderúrgica Nacional, the Brazilian steelmaker, to prepare a bid expected to be worth more than £5bn ($9.7bn). The Anglo-Dutch group said it would put back an extraordinary shareholders' meeting from December 4 to December 20. The meeting is due to consider an agreed offer by Tata Steel of India of 455p a share, valuing Corus at £5.1bn including debt. CSN has indicated that it is ready to bid 475p a share. But it has told Corus in the past few days that it needs more time to study the European steelmaker's finances before making a formal bid. The postponement may indicate that CSN's work on reviewing Corus's accounts has hit a snag, as Benjamin Steinbruch, the Brazilian company's chief executive, said last week he hoped to have a bid for the Anglo-Dutch company ready by December 4. However, one person connected with the talks said there was "nothing sinister" about the delay and the idea of CSN making a formal offer was still on track. November 29th, 2006  - Acquisitions Harare Zimbabwe - Brave Chinese bid for Ziscosteel. According to an article in Monday's The Herald, Metallurgical Corporation of China has put a US$3 billion bid for a 60 percent stake in Ziscosteel in an investment deal that is set to bolster productivity at the financially troubled company. The bid follows a meeting held between the Government of Zimbabwe and MCC officials in October. On Saturday, Zimbabwe’s Ambassador to China Cde Christopher Mutsvangwa confirmed the formal tabling of the proposal and said the deal was now awaiting Government approval. "MCC applied for a 60 percent stake in Ziscosteel after a meeting which was held between MCC officials and our Government. "I have since sent the papers to Harare for approval,’’ said Cde Mutsvangwa. He said the offer follows the meeting held in Beijing on October 31 between MCC president Mr Li Shu Kuan and Foreign Affairs Minister Cde Simbarashe Mumbengegwi and Minister of Economic Development Cde Rugare Gumbo. "After that meeting, MCC worked on the bid to take up a 60 percent stake in Zisco by injecting US$3 billion. "They are very serious about the bid and they are making a follow-up every day. "Actually, they are ready to move in as soon as the deal is agreed to by the Government of Zimbabwe,’’ said Cde Mutsvangwa. MCC spokesman Mr Song Guang Hui confirmed the bid and said his company would move in as soon as Government approval was granted. "The first meeting was initiated by the Ambassador of Zimbabwe and attended by two Zimbabwean Government ministers. "We then made our bid and we are awaiting for Government approval. I must say we are prepared for the move,’’ said Mr Song. "If Government approves that deal, which I think it will, Zisco will regain its status as the biggest steal manufacturer in Africa south of the Sahara. "This company has the experience, the technology and the machinery to turn around Zisco,’’ said Cde Mutsvangwa. See Extended Story.. November 21st, 2006  - Acquisitions Phoenix Arizona - Freeport acquires Phelps for $26 billion Freeport-McMoRan on Sunday night agreed to buy Phelps Dodge for $25.9 billion in cash and stock to become the world’s largest publicly traded copper company with mines stretching from Indonesia to Chile. The takeover is the latest in a wave of consolidation that has swept through the global mining industry as commodity prices soared because of high demand, particularly from China. See Extended Story.. November 21st, 2006  - Acquisitions Luxemburg - Mittal fails to get 95 pct of Arcelor shares as deadline passes. Mittal Steel Co has failed to get 95 pct of Arcelor shares in its offer to buy the remaining shares that were not secured in its initial offer, and its failure to reach this threshold means it cannot proceed with a mandatory squeeze-out offer for the rest, Arcelor Mittal said. The offer for minority shares expired Friday. The 95 pct threshold is the level set by Luxembourg law to allow the squeeze-out to proceed. Press reports last week said some minority shareholders in Arcelor were unhappy with Mittal's cash-only offer of 40.40 eur, below where Arcelor shares were trading last week. At the close of its initial 26 billion Euro takeover offer on July 26, Mittal owned 92 pct of Arcelor's shares. Arcelor Mittal did not immediately say how many shares were tendered in the follow-up offer. The merger had already been complicated by other factors, notably the Brazilian security regulator's ruling that Mittal must make a public offer to minority shareholders of Arcelor Brazil, at a cost of up to 2.6 billion Euro. Another factor was the blocking on Monday of the sale of its Canadian unit Dofasco to ThyssenKrupp by the Dutch foundation which controls Dofasco. Arcelor had transferred ownership of Dofasco to the foundation in August when it was attempting to ward off Mittal's merger proposal. November 20th, 2006  - Acquisitions London U.K. - CSN's makes bid for Corus steel The Brazilian steel maker CSN has offered a counter-bid for the Anglo-Dutch steel giant at 475 pence per share against 455 pence per share by TATA Steel. This may open up a bidding war. CSN intends to finance the acquisition of Corus through a combination of existing financial resources and new debt facilities provided by a bank syndicate, which includes Barclays and BNP Paribas. In the largest foreign takeover deal by an Indian company, the Corus Board approved TATA Steel's bid on October 20, for $10.2 billion, including debt, which would make the Indian steel giant the world's fifth largest steelmaker. The TATA Steel did not comment so far on the counter bid. November 18th, 2006  - Acquisitions Rio de Janeiro Brazil - Gerdau expands in Latin America GERDAU S.A. informed its shareholders and investors Thursday that the company won the bid for 32.84% of the total capital stock or 324,327,847 shares issued by EMPRESA SIDERÚRGICA DEL PERÚ S.A.A. - SIDERPERÚ, located in the city of Chimbote (Peru), is a producer of wire rod, pipes and rebar. The bid for this stake was made in a Public Sale Offering of shares owned by Sider Corp S.A. The price per share was 0.40 nuevos soles totalizing 129.7 millions of nuevos soles (US$ 40.5 millions). This acquisition added to the stake already owned by Gerdau represents 83.27% of the total capital stock of SIDERPERÚ. It is reported that Brazilian long steel maker Gerdau remains interested in expanding its global operations in Argentina and Mexico but is not currently engaged in any takeover talks. See Extended Story.. November 16th, 2006  - Acquisitions Calcutta India - Usha Martin to buy 2 UK bright bar steel units in early 2007 India’s Usha Martin Ltd (UML), who is among the top four largest steel wire rope manufacturers in the world is close to acquiring steel operations in the UK, likely to be a steel bright bar units with a capacity of 15,000 tonnes. UML with a total capacity of 65,000 tonnes, out of which 12,000 tonnes are made in the UK by Bruton Shaw. Is likely to ramp up global capacity levels to 70,000 tonnes. Two UK bright bar companies have been identified and the acquisition is likely to be complete by early 2007. November 13th, 2006  - Acquisitions Nürnberg Germany - Leoni expands fiber optics business further Leoni is further expanding its business in the field of fiber optics technology and will, subject to the cartel authority’s approval, acquire 51 percent of the shares in j-fiber GmbH effective 1 January of next year. The company, which is based in Jena, is one of Europe’s leading suppliers of optical glass fibers, which are used primarily in cables for corporate networks as well as in the telecommunications industry. The j-fiber subsidiary j-plasma is focused on manufacturing what are known as special preforms (glass blocks), which are processed into glass fibers for sophisticated applications in medical and automation equipment. With about 135 employees, the j-fiber Group is forecast to generate sales of about EUR 14 million in the 2006 financial year. By acquiring a majority holding in this glass fiber producer, Leoni will now be able to offer its customers all-in solutions from a single source: from the fiber to the cables and the related components, and through to designing and setting up glass fiber cable networks. Leoni has many years of experience in developing, producing and marketing glass fiber and polymer-based fiber optic cables. In 2004, the Company combined its fiber optics activities under the umbrella of Leoni Fiber Optics GmbH and has since then expanded them in a targeted way. Just recently Leoni strengthened its position by acquiring the Austrian systems company NBG Fiber-Optic (NBG), a specialist in planning and installing complete data networks. NBG offers a comprehensive range of wiring solutions particularly for connecting private households with fiber optic cables (fiber to the home). Networking of communities and cities by means of glass fiber is already widespread in Scandinavia, Benelux and Austria, and is gradually being extended further. Elsewhere in Europe, especially also in Germany, strong growth in the fiber-to-the-home segment is expected in the next few years because of the constantly mounting volume of data. With its new NBG subsidiary, Leoni now has access to this growing segment of the market. November 10th, 2006  - Acquisitions Paris France - Nexans to acquire Australasia major Olex. Nexans announced yesterday the signature of an agreement to acquire the Australian company Olex, the uncontested cable industry leader in the Australasia region, for A$ 515 million (approximately 310 million euros). Olex employs 910 people with annual revenue of 330 million euros at current metal price (240 million euros using Nexans’ constant metal rate*) in 2006 and an EBITDA ratio at constant metal price of more than 15% (fiscal year ended at June 30, 2006). Olex has three manufacturing sites based in Tottenham and Lilydale in Australia, and in New Plymouth in New Zealand, and a dozen sales offices in Australia, New Zealand, Singapore and China. The company's activities are divided between markets for cables for power network infrastructure (33%), specialty cables for industry such as mining (24%), and cables for the building sector, both energy and telecom (43%). For full press release use this link November 9th, 2006  - Acquisitions Amsterdam The Netherlands - (a news item we have missed) Draka acquires Cornelia Thies Kabeltechnik GmbH The Board of Management of Draka Holding N.V. announces that it has bought 100% of the shares in Cornelia Thies Kabeltechnik GmbH (CTK) in Germany. CTK’s main business activities are the manufacturing of cable set and systems for the wind turbine industry. The company is very well positioned in the German wind turbine market with long-term contracts from major wind turbine manufacturers. The company is based in Essen and has two production facilities, in Essen and in Neumünster (north of Hamburg). CTK employs in total 36 people, generates annual sales of around € 10 million and is profitable. With the acquisition of CTK, Draka strengthens its leading position in the global Wind Power market. It perfectly fits in Draka’s strategy to expand its position in fast growing market segments such as the wind turbine industry whereby it enlarges the service possibilities to better respond to the customer needs. Moreover, CTK’s product range further extends Draka’s comprehensive product portfolio which is offered to the wind turbine as well as the solar / photovoltaic industry. November 8th, 2006  - Acquisitions Fort Smith Arkansas - Baldor to acquire Rockwell Automation's Power Systems Business Baldor Electric Company markets, designs, and manufactures industrial electric motors, drives and generators and is based in Fort Smith, Arkansas. Today Baldor announced that it has signed a definitive agreement to acquire the Reliance Electric Company and certain of its affiliated companies (the “Power Systems business”) of Rockwell Automation, Inc. Baldor will purchase 100% of the equity interest in the Power Systems business for $1.8 billion, comprised of $1.75 billion in cash and approximately 1.6 million shares of Baldor common stock, with a market value of $50 million, based on Baldor’s volume weighted average stock price over the prior ten trading days. The transaction is expected to be completed in the first quarter of 2007 and is subject to customary closing conditions and necessary regulatory approvals. The combined company will be one of the leading North American manufacturers of industrial electric motors and power transmission products. The Power Systems business, which markets its products under the Reliance Electric® and Dodge® brand names, complements Baldor’s business in industrial electric motors, drives and generators. See Extended Story.. November 4th, 2006  - Acquisitions Beijing China - Official media confirms Baotou Iron & Steel in talks with Arcelor Mittal on sale of 49% stake August 16 we reported that Baotou Iron & Steel, one of China's largest steel makers, was in talks with steel maker, Arcelor Mittal over the possible sale of 49 per cent stake, something official media confirmed Friday. No other details were provided by the 'China Daily' report. Prior to Mittal Steel's acquisition of Arcelor, the latter had signed an agreement with Chinese producer Laiwu Steel Group that will allow the European company to hold a 38.41 per cent stake in Laiwu Steel Corporation. Mittal last year acquired a 36.67 per cent share in Valin Steel Tube & Wire Co Ltd in Central China's Hunan province. Meanwhile, Baotou Steel Union Co in North China's Inner Mongolia autonomous region, a subsidiary of Baotou Iron & Steel Group, plans to pay about 6.97 billion yuan (USD 882 million) to buy assets from its controlling shareholder to expand, the report said. The listed steel maker will offer 3.03 billion new yuan-denominated shares to Baotou Iron & Steel Group at 2.3 yuan (29 us cents) each, the company said yesterday in a statement. The acquisition will mean that almost the entire group is publicly traded, making it easier for Baotou Steel Union to take over or merge with rivals. China, the world's biggest steel maker, is encouraging consolidation in the industry to curb overcapacity and boost competitiveness as its economy expands. November 1st, 2006  - Acquisitions Pawcatuck, Connecticut - Management acquires Davis-Standard LLC As we reported yesterday Davis-Standard, LLC has been acquired by management and an investor group led by Hamilton Robinson LLC, a Stamford, CT based private equity firm. The acquisition supports Davis-Standard’s strategy to grow its global converting and extrusion systems businesses as well as Chemtura Corporation’s decision to divest of a non-core business and focus instead on their specialty chemical business. “Chemtura has been an excellent partner. We especially appreciate the support and counsel of Bob Wood, Chemtura’s Chairman and CEO as well as the guidance and advice of senior Chemtura executives, Greg McDaniel and Arthur Wienslaw, who served ably on the Davis-Standard Board of Directors,” said Charles Buckley, President of Davis-Standard, LLC. For full press release use this link October 31st, 2006  - Acquisitions Pawcatuck, Connecticut - Late Breaking News - Management acquires Davis-Standard Davis-Standard, LLC is pleased to announce that the Company has been acquired by management and an investor group led by Hamilton Robinson LLC, a Stamford, CT based private equity firm. The acquisition supports Davis-Standard’s strategy to grow its global converting and extrusion systems businesses as well as Chemtura Corporation’s decision to divest of a non-core business and focus instead on their specialty chemical business. “Chemtura has been an excellent partner. We especially appreciate the support and counsel of Bob Wood, Chemtura’s Chairman and CEO as well as the guidance and advice of senior Chemtura executives, Greg McDaniel and Arthur Wienslaw, who served ably on the Davis-Standard Board of Directors,” said Charles Buckley, President of Davis-Standard, LLC. (Details tomorrow) October 24th, 2006  - Acquisitions London U.K. - ThyssenKrupp and Severstal denies report of pending bid for Corus ThyssenKrupp denied a newspaper report on Sunday that it was considering a counter bid for Corus Group, whose board as we reported Monday had accepted an offer from TATA Steel. A ThyssenKrupp spokesman said "We are not considering a bid for Corus," UK’s Sunday Times had reported that ThyssenKrupp was considering a bid and that Brazilian Companhia Siderurgica Nacional (CSN) had hired investment bank Lazard to advise on its options for a counter bid but that Severstal was less likely to intervene" because it was busy with its flotation in London. See Extended Story.. October 24th, 2006  - Acquisitions Brantford Ontario - Tata's Corus acquisition expands Tata's long product share of EU market The Corus deal will give Tata Steel a headstart in the 200 million tonne European market, in an industry that is being consolidated following the Mittal-Arcelor deal. Corus commands more than half of the 15 million tonne UK steel market. So, the acquisition will enable Tata Steel to easily leverage its existing network and already built-up goodwill in the UK. In addition, Corus has strong relationships with its customers in Europe, particularly in the high-margin segments such as construction, automobile and aerospace. The Anglo-Dutch company is believed to enjoy nearly 14-15 per cent share in the European auto steel grade market Corus, which has for several years been focusing on expanding its presence in higher-margin products, has 41 per cent of its 18 million tonne capacity geared for strip products, including cold-rolled product applications for the auto industry. Of the capacity 21 per cent is for long products used in railway lines, beams, wire, reinforcing bar etc In FY06, Tata Steel had sold nearly 350,000 tonne of cold-rolled auto-grade steel, which accounted for more than one-third of the domestic market, nearly 37 per cent In contrast, in CY05, Corus is estimated to have generated nearly half of its turnover of £9.2 billion from Europe. And, as Tata Steel's export size in Europe as a proportion of its total sales is negligible, the synergies, from the deal, are expected to be significant for the company in the medium term Expanding its presence in east Asian auto grade steel market had been the key motive behind Tata Steel's earlier acquisitions of Thai-based Millennium Steel and Singapore-based NatSteel Asia, analysts said The company's current capacity, excluding its earlier acquisitions of Millennium Steel and NatSteel Asia is 5 million tonne. In line with the target, Tata Steel has already started the capacity expansion by 1.8 million tonne of its Jamshedpur facility The company has also signed an MoU for setting up a 12 million tonne greenfield steel plant in Jharkhand, in two phases. Besides, Tata Steel has planned a 6 million tonne steel project at Duburi in Orissa. October 20th, 2006  - Acquisitions Bogotá Columbia - Gerdau said to consider stake in Colombian Paz del Río Local media has reported that Brazilian Gerdau is analyzing plans to launch a bid for shares in Colombian steelmaker Acerías Paz del Río and that Gerdau would be interested in acquiring the 42.5% stake in the steelmaker that is for sale as a share package. Paz del Río manufactures drawn wire rods, hot rolled plates, bars and cylinders. Latinvestco, the investment bank in charge of closing the sale, began the search for interested parties at end August. The vendors of the shares include APR employees, who hold 33.4%, Colombia's industrial development institute IFI with 6.9% and its finance ministry with 2.2%. Brazil’s largest long product producer, Gerdau already controls Diaco and Sidelpa in Colombia and also has facilities in Argentina, Canada, Chile, Peru, Uruguay, the US and Spain. October 19th, 2006  - Acquisitions Beijing China - Prysmian (Formerly Pirelli Cable) takes over Tianjin Angel's cable business Prysmian Cables & Systems, a major firm in the energy and telecommunications cables and systems industry, has completed its acquisition of Tianjin Angel Group Co's cable business. The acquisition represents a significant step forward in Prysmian's expansion strategy in China. The company aims to double its current turnover of 995 million yuan (US$124.4 million) and becomes the leader in China's special cables market. October 18th, 2006  - Acquisitions London U.K. - Tata Steel proposes $9.5billion offer for Corus Tata Steel on Tuesday proposed a £5.1bn ($9.5bn) takeover of Anglo-Dutch steel producer Corus in a move that would create the world’s sixth largest steel group. But the Indian steelmaker, which offered 455p a share in cash for Corus, could face a competing bid from a Russian rival. Both Severstal and Novolipetsk, two of Russia’s biggest steelmakers, last night refused to rule out making a bid for the Anglo-Dutch group. When asked by the Financial Times, the two groups declined to comment directly on whether they might be keen to make their own offers for Corus. Last night Corus’s share prices slipped to 479p but remained well above the proposed Tata offer. “The possibility that Severstal or Novolipetsk might be keen to come in and scupper the Tata bid by making a higher offer is keeping the Corus share price high,” said one US-based fund manager who keeps a close watch on steel stocks. Corus, which has been talking to potential merger partners in low-cost nations for the past year, said it had “received a proposal from Tata Steel regarding a possible recommended offer”. Tata Steel, India’s biggest private sector steelmaker and part of the Tata industrial group, said it was in talks with the board of Corus but added there was no certainty it would make a formal offer. The proposal values Corus at £4.1billion, although the enterprise value rises to about £5.1billion if debt is included. Corus – which has all its plants in the UK and the Netherlands – is three times bigger than Tata in terms of output. However, the Indian company has much lower costs, helped by access to cheap but relatively high grade iron ore, and is keen to expand in Europe. Corus was created in 1999 from a merger of British Steel and Hoogovens of the Netherlands. A deal with Tata would be hailed by many of its share-holders as a good outcome for a business that came close to collapse in 2003 before Philippe Varin, chief executive, took over the reins. October 17th, 2006  - Acquisitions Roanoke Virginia - Optical Cable gets banking deal that checks its hostile suitor Optical Cable has gained some independence through its deal with Valley Bank. Separately, the Roanoke company's hostile suitor, Atlanta-based Superior Essex, has gone away. In a filing with the Securities and Exchange Commission, Optical Cable, a 265-employee company that makes fiber-optic cable for businesses and the military, said it recently obtained a potential borrowing limit of $13.5 million with Valley Bank, also based in Roanoke. The company's new revolving credit agreement with Valley Bank "puts us in a stronger financial position," said Neil Wilkin, president and chief executive officer. It's also nearly twice the lending maximum that Optical had with its previous bank, Charlotte, N.C.-based Wachovia. Wilkin said Optical's banking relationship with Wachovia has ended. Wilkin wasn't specific about Optical's plans to use the new revolving credit deal with Valley Bank, except that it's intended as working capital. "We're not big borrowers," he said. Still, one advantage of the increased availability of capital could be to keep Optical independent. As earlier reported the company rebuffed a Superior Essex offer of $6 a share for all of its common stock in August. The new loan agreement, while giving Optical some breathing room in short-term operating flexibility, should also enable it to withstand appeals by a hostile suitor to boost the company's liquidity. In fact, Optical's bottom line has risen on its own of late. Optical is still in the red for its first nine months, reporting a net loss of $401,000, or 7 cents a share, compared with net income of $977,000, or 17 cents in the year-ago period. The company said it edged into the black in the fiscal third quarter ended July 31, with net income of $128,000, or 2 cents a common share, about one-third its profit of $391,000, or 7 cents a year earlier. Wilkin declined to forecast the company's fourth-quarter results, but he said, "We feel that earning 2 cents a share isn't satisfactory, and we believe Optical Cable is capable of doing much better." October 13th, 2006  - Acquisitions New York City - Hedge fund pushes for sale of Phelps Dodge. Atticus Capital LLC, the New York hedge fund that recently helped scuttle Phelps Dodge Corp.'s friendly bid for Inco Ltd., is now talking with potential buyers for the U.S. copper producer. In a regulatory filing, Atticus, which is Phelps's largest shareholder, said it had begun shopping the Phoenix-based company to possible suitors. Atticus said it “and an investment bank recently met with several potential investors, including private equity firms and strategic buyers, to discuss each firm's possible interest in pursuing an acquisition of the company,” the filing said. There was no indication of the level of interest from the potential acquirers for North America's largest copper producer, whose current market value is $18.3-billion (U.S.). Phelps spokesman Peter Faur declined comment. Atticus also declined to comment on the filing. With a 10-per-cent stake in the company, Atticus led a group of shareholders opposed to Phelps chairman and chief executive officer Steven Whisler's friendly bid in the summer to buy a combined Inco and Falconbridge Ltd. Mr. Whisler said the deal would vault the combined Toronto-based firms into the ranks of the world's top mining companies, creating a $40-billion (U.S.) base-metals giant. “Phelps Dodge is significantly overcapitalized,” said Atticus chairman Timothy Barakett in a letter to Mr. Whisler in February. Recent dividends did not go far enough to address Phelps' “bloated balance sheet,” Mr. Barakett wrote, warning that Phelps was courting a takeover. “A significant buyback of stock is not only the right thing to do for your shareholders; it is your surest guarantee of independence from a cash-rich, copper poor competitor.” October 10th, 2006  - Acquisitions Maputo Mozambique - Mittal Steel takes over CSM and Trefil Mittal Steel South Africa signed a contract in Maputo on Friday pledging to purchase the assets of two ruined engineering companies, the steel rolling mill, CSM, and the wire- drawing company Trefil. The man responsible for the parlous state of these two companies, Portuguese businessman Antonio Simoes, has not set foot in Mozambique for many years. His company, EMM, bought 60 per cent holdings in the companies, when they were privatised a decade and a half ago, but never provided the promised investment. As a result both ground to a halt. CSM has been completely paralyzed for the past five years, and Trefil for a year. Mittal negotiated Friday's deal with the Mozambican government's Institute for the Management of State Holdings, since the state still owned 40 per cent of the two companies. It has agreed to pay 11.4 million dollars for the CSM and Trefil assets. See Extended Story.. October 5th, 2006  - Acquisitions Lázaro Cárdenas, Mexico - Villacero looking for strategic alliance with steel makers Reuter has reported that Mexican steel maker Grupo Villacero is in talks with several companies about a possible alliance or the sale of a minority stake in its Sicartsa plant in the coastal city of Lazaro Cardenas in Western Mexico. Mr Julio Villareal president of Grupo Villacero told Reuter that the company was talking to Arcelor Mittal, Nucor, Ternium and Gerdau about the future of its plant. He said "In this quarter, we should define the strategic alliance. We are contemplating a strategic alliance to ally Sicartsa with an international group either via a share swap or the sale of between 20% and 49%.” As earlier reported Villacero was hit by a strike earlier this year which crippled output and caused more than $400 million of losses. Villacero's interest to sell Sicartsa follows a 141-day strike there that paralyzed the plant's production. Siderúrgica Lázaro Cárdenas Las Truchas (Sicartsa). It is an integrated steelmaker of long products, standing as the largest single rebar and wire rod production facility in North America. The company is located at Lázaro Cárdenas, Mexico. Villacero acquired Sicartsa in 1991. October 5th, 2006  - Acquisitions Sao Paulo Brazil - Mittal Steel has option of court on CVM ruling Brazilian business daily Valor Economico reported that Mr LN Mittal said that Arcelor Mittal has the option to fight a mandatory buyout offer for Arcelor Brasil minority shareholders in court. According to the report Mr Mittal said "I have the option to fight in the courts." According to the report Mr Mittal said that the company will make a decision to fight or adhere to the order in the next two weeks. The Brazilian Securities and Exchange Commission recently upheld a previous ruling that required Arcelor Mittal to buy out minority shareholders. The CVM ruled that Mittal's merger with Arcelor resulted in a change of control of Arcelor Brasil, triggering the buyout offer. Arcelor Mittal holds a 66% stake in Arcelor Brasil, while minority shareholders hold the remaining 34%. Arcelor Mittal has until October 25th to register the offer with the CVM. Such an offer could cost Arcelor Mittal $5 billion or more. Arcelor Brasil S.A. Formerly known as Companhia Siderurgica Belgo Mineira. The Group's principal activities are the manufacture of steel and rolled and drawn steel products . The group operates through the following divisions: Steel: steel cables, steel cord, iron ore; Wires: wire-rod, rebars, steel wires and investments in companies that are directly or indirectly involved in similar activities. In 2005, the Group acquired Companhia Siderurgica de Tubabrao & Vega do Sul Sa. October 4th, 2006  - Acquisitions Luxembourg - Arcelor Mittal to talk with Grupo Villacero regarding possible acquisition Arcelor Mittal is reported to have added Latin America in its list of possible areas of growth and may make an acquisition in Mexico. Reuter has reported that Mr LN Mittal would be holding discussions with Mexican Grupo Villacero SA. Wall Street Journal quoted him as saying that “We are interested in Villacero, though 'I haven't seen the plant yet and I don't know if it's for sale.” Mr LN Mittal during an interview in Buenos Aires also talked about strengthening position in Latin America, naming Argentina, Brazil and Central America as possible areas for expansion. He said “Brazil is very interesting for us. We will continue to look at opportunities for strengthening our presence there.” Mr LN Mittal had previously emphasized the importance of seeking growth in India and China. Grupo Villacero, owned by entrepreneur Mr Pablo Villarreal, has units in Mexico and Texas. Villacero is Mexico's No 1 supplier of long products mainly wire rod and rebar. Its Steelmaking operations are Sicartsa, Sibasa, Camsa, Metaver Texas based Border steel and Houston based Tex Tube a high-quality steel tube and pipe plant October 2nd, 2006  - Acquisitions Shanghai China - Ossengroup denies sale of Jiujiang Steel to Pingxiang A press release from China’s state owned long product steelmaker Pingxiang Iron & Steel announced last week announcing that their purchase of Jiujiang Steel had been finalized, was denied by Jiujiang’s parent company, the Ossengroup that denied any such purchase. Ossengroup said “Our Jiujiang plant has been running well since we purchased it in 2004, and we are making nice profits, so we have no intention to merge with anyone. Jiujiang has an annual capacity of 70, 000 tons and was established in 1994. The Ossengroup bought the facility in 2004 after it went bankrupt in 2003. September 29th, 2006  - Acquisitions Kuala Lumpur Malaysia - Southern Steel Berhad to sell its stake in 3 companies to NatSteel Asia Pte Ltd Southern Steel Berhad announced that it has entered into 3 conditional sale and purchase agreements with NatSteel Asia Pvt Ltd for divesting its stake in 3 companies The agreements call for the disposal of the entire equity interest of 40% in NatSteel Trade International Pte Ltd for a cash consideration of SG$6.538 million NatSteel Trade International The trading arm of the NatSteel Asia group. Established in 1977, NatSteel Trade International (NST) handles procurement and export sales for the NatSteel Asia group of companies. It buys raw materials for steelmaking such as steel scrap, various forms of iron, ferro-alloys and semi-finished products like billets, and exports reinforcement bars, wire rods and billets produced by the group. The second agreement calls for disposal of the entire equity interest of 50% in Southern NatSteel (Xiamen) Limited for a cash consideration of SG$19.357 million. The ISO-certified steel company producing a full range of deformed/round bars and wire rods. Southern NatSteel (Xiamen) Ltd is located in the Haichang Southern Industry Area in Xiamen, Fujian Province, China. It began rolling bars and wire rods in 1997. The third agreement calls for disposal of entire equity interest of 22.6% in NatSteelVina Company Ltd for a cash consideration of SG$3.105 million. NatSteel Vina Co Ltd specialises in reinforcement bars and wire rods. Located in Thai Nguyen Province, Vietnam, NatSteel Vina is one of the most efficient steel mills in Vietnam. It has an ISO 9001 certification and a rolling capacity of 120,000 tonnes per annum. September 28th, 2006  - Acquisitions Rio de Janeiro Brazil - Brazilian CVM rules that Mittal Steel must make offer for Arcelor Brazil The board of the Brazilian Securities and Exchange Commission (CVM) has maintained its previous decision requiring Arcelor Mittal to make a public offer for outstanding shares of local unit Arcelor Brasil following the recent merger of the two steel industry giants. The minority buyout offer could add 4.4 billion euros ($5.6 billion) to the price paid by Mittal for Arcelor. The CVM ruled that the recent takeover of Arcelor by Mittal Steel represented a change of control of Arcelor Brasil, which groups most of Arcelor's Brazilian assets. The ruling obligated the newly formed Arcelor Mittal to make an offer to buy out minority shareholders, which own a 34% stake in Arcelor Brasil. The ruling is final unless Mittal and Arcelor Brasil appeal to Brazil's federal court. As per reports, such appeals have been rare and in those few cases, almost all injunctions against enforcement have been quashed upon petition by the CVM. Mittal Steel had appealed in August against a previous decision by CVM, citing that the nature of the deal changed from a takeover to a merger during six months of dispute and negotiation and as a result, there would be no need for an offer. September 18th, 2006  - Acquisitions Copenhagen Denmark - nkt cables acquires Czech company An agreement has been entered into with J&T Finance Group whereby nkt cables will acquire the Kablo Elektro group, a Czech cable producer. The agreement is subject to approval of the transaction by the relevant competition authorities. These approvals are expected to be forthcoming in the next few months. Kablo Elektro With the acquisition of the company Kablo Elektro and its subsidiary Kablo Elektro Velké Meziříčí in the Czech Republic, nkt cables is enforcing its commitment to the Eastern European markets. The initiative is an important element in the realisation of nkt cables’ expansion and improvement plans - and is in line with NKT Holding’s plans for a modified capital structure. The Kablo Elektro Group is very well established and in common with other European cable producers has roots going many years back. The Kablo Elektro Group has two factories in the Czech Republic, one in Vrchlabí in the north-eastern part of the country and one in Velké Meziříčí in the south-eastern part of the country. See Extended Story.. September 7th, 2006  - Acquisitions Melbourne Australia - Olex receives A$500 million takeover bids as cable demand soars Olex, a closely held Australian maker of electrical cable, received at least six takeover offers of about A$500 million ($384 million) from bidders wanting to take advantage of demand from mining and construction companies, said two people familiar with the matter. Nexans SA, the world's biggest cable maker, and buyout firm CVC Asia Pacific Ltd. are among companies separately bidding for Melbourne-based Olex, said the people, who declined to be identified before details of the sale are made public. Goldman Sachs Group Inc.'s Prysmian Cables & Systems, General Cable Corp. and buyout firms Champ Private Equity and Pacific Equity Partners are also bidding, they said. See Extended Story.. September 7th, 2006  - Acquisitions Atlanta Georgia - Superior Essex Offer to Optical Cable Corporation expires Superior Essex Inc. , announced Tuesday that its offer to acquire all of the outstanding shares of Optical Cable Corporation lapsed at the close of business on August 31, 2006. In a press release The Company said it continues to believe a Superior Essex-Optical Cable combination is in the best interest of Optical Cable's shareholders and employees. In order to maximize shareholder value, Superior Essex continues to urge Optical Cable's Board to reconsider its position and open discussions with the Company. September 5th, 2006  - Acquisitions Melbourne Australia - OneSteels merger with Smorgon hits snag The Australian Competition and Consumer Commission looks as though it will soon block the OneSteel Smorgon merger. On September 20, the regulator is due to decide on OneSteel's proposed acquisition of Smorgon Steel, and is most likely to block it. The ACCC published a Statement of Issues on August 14 in which it listed a number of concerns. It is unlikely that OneSteel has been able to satisfy all of those concerns, and so its current proposal appears doomed. The OneSteel-Smorgon merger was always problematical under the Trade Practices Act. The impacts on competition of an acquisition by OneSteel of Smorgon are potentially serious. They are the only domestic manufacturers of steel for long products, and they are both vertically integrated, from raw materials through manufacturing to distribution. OneSteel has argued that imports would keep it honest following the merger, but imports are not an adequate substitute for the competition that an evenly matched, vertically integrated competitor (as Smorgon is) can provide. August 21st, 2006  - Acquisitions Roanoke Virginia - Optical Cable rejects takeover bid Optical Cable's board of directors has unanimously rejected the offer by Superior Essex Inc.to buy Optical Cable Corp. of Roanoke for about $36 million, or $6 per share in cash. "It's inadequate and it's opportunistic," said Optical Cable president and chief executive officer Neil Wilkin. "We've had a couple of down quarters, and I think someone is trying to take advantage of that." When word of the offer surfaced, Optical Cable, a 220-employee manufacturer of fiber-optic cable for commercial and military use, which trades on the NASDAQ under the symbol OCCF, saw its share price jump from $3.55 to close at $5.80, a more than 63 percent gain on the day. As earlier reported in its letter, Superior Essex touted its offer as "a premium of almost 70 percent over Optical Cable's closing share price on Aug. 14, 2006, the last trading day before Superior Essex's proposal was made public." That price, though, is a far cry from what the company saw in 2000, when it peaked at more than $300 before collapsing in August and September 2001. Company co-founder and former president Robert Kopstein had used his stock as collateral for personal stock investments that failed, and his creditors tried to recoup their money by selling the shares. August 21st, 2006  - Acquisitions Kuala Lumpur - Kinsteel shareholders approve Maju Holdings deal for Perwaja Kinsteel Bhd announced that its shareholders at an EGM in Kuantan on August 11 have approved the company’s proposed strategic alliance with Maju Holdings Sdn Bhd on Perwaja Steel Sdn Bhd and the acquisition of the Gurun plants. Malaysian Securities Commission has recently approved the alliance where Kinsteel would acquire 51% of Perwaja Steel and 51% of the Gurun plants through Perfect Channel Sdn Bhd for a combined value of RM297.6 million. Maju will also take up a 28% stake in Kinsteel. The merger is expected to be completed by September 30 2006. Kinsteel in a statement said the alliance would enable the company to be a fully integrated steel player while its combined annual production capacity would increase to 4.6 million tonnes from 0.8 million tonnes. The company’s product range would also include DRI and billets produced by Perwaja Steel, beam and sections, bar and wire rods, wire mesh and nails by the Gurun plants. See Extended Story.. August 17th, 2006  - Acquisitions Atlanta Georgia - Superior Essex bids for Optical Cable Superior Essex Inc., which makes communications wire and cable products, said Tuesday it plans to buy Optical Cable Corp., which makes fiber optic cables, in a deal valued at about $36 million. Superior Essex said the $6 per share offer is nearly a 70 percent premium over Optical Cable's Monday closing share price. The company plans to finance the transaction through cash and its existing credit facility. Superior Essex said Optical Cable's strong international, military and government relationships complem