Tata Steel sells British and French rails business [IRJ]
Date: 11/04/2016
TATA Steel UK has signed a deal to sell for a nominal consideration its Long Products Europe business, which includes the manufacture of rails at mills in Britain and France, to Greybull Capital, a family investment concern. The deal is subject to a number of conditions being met, including the funding arrangements, government approvals, and the transfer of contracts. Greybull Capital will take on the assets and relevant liabilities. The deal includes the Scunthorpe steelworks in northern England and the Hayange rail mill in northeast France, both of which produce rails, a design office in York and Immingham Bulk Terminal port. [From Richard Buckby]
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