On July 21, Luxembourg-based steel giant ArcelorMittal announced the completion of the acquisition of all the issued and outstanding shares of Noble European Holdings B.V. (Noble European), a Dutch private limited liability company engaged in laser welded blanks operations primarily in Europe.
On May 8, 2009, ArcelorMittal signed a definitive purchase agreement with Noble European's parent North America-based Noble International, Ltd., which filed for reorganization under the bankruptcy laws of the US on April 15, 2009.
The purchase in question was made under the US Bankruptcy Code by authorization of the US Bankruptcy Court for the Eastern District of Michigan. Noble's US parent company filed for Chapter 11 bankruptcy protection earlier this year.
Through the purchase, ArcelorMittal will now regain control over the laser welded blanks business in Europe which it sold to Noble in 2007.
As SteelOrbis previously reported, in early July the European Commission (EC) cleared under EU merger regulations ArcelorMittal's proposed acquisition of Noble European.
Noble European is a leading European manufacturer of tailored blanks with operations in Belgium, France, Germany, Spain, the UK, Slovakia and Australia, and with joint ventures in Mexico, China and India. It employs 481 full-time personnel and had revenues of €340 million in 2008.