Marcegaglia UK LTD, the largest precision tube manufacturer in Great Britain, has completed the acquisition of precision steel tube manufacturing assets from Liberty Precision Tubes Limited at its Oldbury site in the West Midlands, Italian steelmaker Marcegaglia announced.
The decision to complete the purchase was agreed after a successful two-year operational assessment of the assets while operating under a licence agreement, said Marcegaglia. The purchase of the assets safeguards a number of jobs in the local area and provides for a sustainable future for the site and its employees who will TUPE transfer (Transfer of Undertakings Protection of Employment) from Liberty Precision Tubes Limited to Marcegaglia UK as part of the deal.
During the two-year assessment, Marcegaglia UK used the assets to contribute to its existing business, which has aided the expansion of the company's footprint in both UK and international markets. Liberty Precision Tubes has an annual production capacity of about 80,000 mt.
Even though the asset purchase has been completed, Hub Le Bas Limited and Accles & Pollock Limited will continue to trade as normal and their downstream businesses will remain unaffected as a result, Marcegaglia stated.