Arcelor Mittal to take 40% stake in Noble
Arcelor Mittal, the world’s largest steelmaker, said it would acquire a 40% stake in Noble International in a deal combining the two firms’ laser-welding operations. Arcelor Mittal said it had signed a binding agreement with US-based Noble to merge Arcelor’s laser-welded tailored blank business (TBA) with Noble, creating a company with an estimated post-transaction revenue and core profit for ’06 of $1.1 bn and $122m respectively. The transaction is expected to close in March ’07, following satisfactory completion of due diligence by both parties. “Noble will leverage TBA’s strong position in the European market and offer additional benefits for our global automotive customers,” said Michel Wurther, a member of Arcelor Mittal’s management board
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