Corinth Pipeworks, a Greek steel pipe manufacturer, has acquired Liberty Steel Hartlepool, a British company that manufactures submerged arc welding (LSAW) pipelines, which is part of Liberty Steel, which is administratively subordinate, the two companies announced in separate statements on March 5.
The acquisition agreement was signed on March 4 between Corinth Pipeworks UK Ltd., a subsidiary of Corinth Pipeworks S.
A. (CPW), wholly owned by Corinth Pipeworks S.
A. (CPW), and the joint administrators appointed by the Commercial and Property Courts of England and Wales in London, who act as agents of Liberty Pipes Hartlepool Ltd. in the administrative process, for 10 million pounds (8.61 million dollars).
"The sale to Corinth, one of the world's leading manufacturers of steel pipes for energy and construction, was carried out as part of a competitive sales process to identify an investor who would provide the business with new growth opportunities. The structure of the deal was designed to ensure continuous production in Hartlepool, retain a skilled workforce, maximize asset value and boost industrial activity in Teesside," Liberty said in a statement.
Corinth Pipeworks, owned by Cenergy Holdings and headquartered in Maroussi, Greece, said the acquisition was "an important milestone in the long-term growth of the steel pipe segment by increasing production capacity and strengthening its position as a key supplier to the global energy sector."
Platts, a member of S&P Global Energy, estimated the DDP West Midlands hot-rolled steel roll at 530 pounds per ton (706 dollars per ton), which is 5 pounds higher than in the previous week.
Author: Annalisa Villa
