Acertec sells UK steel reinforcement operations
Tuesday, September 02, 2008
Acertec has responded to sharply rising raw material costs and difficult credit conditions in the UK construction market by opting to sell the two core operations that make up its steel reinforcing business .
Deals worth £25 million saw the company sell the steel reinforcement operations of its subsidiary company BRC and agree to sell its 50% interest in BRC McMahon Reinforcements to UK steel group Celsa.
David Hussey, Acertec’s chief executive, said: “Following an evaluation of the strategic options for these two businesses, we have concluded that a disposal represents the best alternative for all stakeholders. We are confident that we have achieved a fair price for each business and the proceeds received will help reduce Acertec's indebtedness.”
Following the two transactions, Acertec will continue to operate in two business units. Stadco is one of Europe's largest suppliers of body-in-white pressings and sub-assemblies to automotive Original Equipment Manufacturers. BRC's Specialty Products business will be renamed and along with Weldgrip will continue to focus on supplying speciality products used in construction and engineering projects.
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