Greybull snaps up steel division
THE sale of a specialist division of Tata Steel UK to Greybull Capital has been completed. Greybull was one of several suitors for the Long Products Europe division of Tata, which employs hundreds of people across two Yorkshire sites. Tata announced its intentions to exit the business
The long term investors have now officially bought the steelworks in Scunthorpe, a design agency in York as well as two mills in Teesside and an engineering workshop in Workington as part of the £1 deal. It comes with a £400m rescue package attached.
Including its French facilities, the Long Products division employs 4,800 people, with 400 of those based in France.The division will now work under the British Steel brand.
Mr Bimlendra Jha, executive chairman of the Long Products Europe business and CEO of Tata Steel UK said: “As a responsible seller, Tata Steel is delighted to have secured a buyer for this business and we hope that under Greybull ownership, the business will continue the momentum of the improvement program that has been initiated in the last 12 months.
“Employees and trade unions have worked closely with the Long Products Europe management team to improve the business’s prospects, putting it in a more competitive position than it has been for many years. It is through their dedication and hard work that we are in this position today in spite of continued challenges in the market”.
The sale follows an accelerated process of negotiations between Tata Steel UK and Greybull Capital.
