Arcelor Mittal to purchase a 40% stake in Noble International Ltd

Arcelor Mittal to purchase a 40% stake in Noble International Ltd

World’s largest steel company Arcelor Mittal has said that they are going to acquire a 40 percent stake in Noble International Ltd.

This deal would now combine the two company’s laser-welding operations.

Arcelor Mittal said in a statement that it had signed a binding agreement with U.S.-based Noble to merge Arcelor’s laser-welded tailored blank business (TBA) with Noble.

This has now created a company with an estimated post-transaction revenue and core profit for 2006 of $1.1 billion and $122 million respectively.

Michel Wurther, a member of Arcelor Mittal’s management board spoke on this new development: “Noble will leverage TBA’s strong position in the European market and offer additional benefits for our global automotive customers.”