GFG Alliance (GFG) has today acquired Aartee Bright Bar (ABB) via the one hundred percent purchase of shares in Aartee Group Pte Limited.
The acquisition follows the appointment of administrators over ABB on February 6th following a creditor dispute. GFG has provided funding to cover wages for four weeks to prevent a reduction in jobs expected under the administration.
GFG has filed an application to challenge the administration, and will seek to restart operations in a bid to save 250 viable steel jobs in the West Midlands, Rugby, Bolton, Southampton and Newport.
The application to challenge administration is being supported by a majority of business creditors.
Jeffrey Kabel, Chief Transformation Officer, said:
“ABB is a significant part of the UK’s steel supply chainand distribution network, and a key customer for GFG’s bar products produced in Rotherham by LIBERTY. Our rescue plan would save 250 viable steel jobs in the West Midlands and across the UK. Over time ABB’s business would be integrated into LIBERTY’s operations helping to reinforce our UK transformation plan focused on producing specialist steel products.”
GFG looks forward to communicating directly with ABB employees when conditions allow.
Further information from:
|Andrew Mitchell Head of Communications – UK||+44 7516 029522||Andrew.Mitchell@gfgalliance.com|
|David Ollier Global Head of Communications||+44 7596 297773||David.Ollier@gfgalliance.com|
Note to the editors:
GFG Alliance is a collection of global businesses and investments owned by Sanjeev Gupta and his family. The Alliance is structured into three core industrial pillars; LIBERTY Steel Group, ALVANCE Aluminium Group and SIMEC Energy Group, independent of each other yet united through shared values and a purpose to create a sustainable future for industry and society. GFG Alliance employs 35,000 people, across 10 countries and has revenues of USD $20bn. GFG Alliance is a leader in sustainable industry with a mission to become Carbon Neutral by 2030 (CN30).