Arcelor Mittal and Noble International Ltd. said Friday they will combine their laser-welded tailored blanks businesses.
Arcelor Mittal, at 40 percent, will be the largest stockholder of Noble once the transaction closes in March 2007, receiving $300 million in a combination of cash and 9,375,000 shares of Noble common stock.
Areclor’s laser-welded tailored blanks business (TBA) is a European manufacturer of tailored blanks, employing 670 people and includes nine plants in Europe, one in the U.S. and a 25 percent joint venture in China. TBA’s total revenue is expected to reach $500 million for 2006.
Noble is North America’s largest laser welder with laser-welded flat blanks and laser-welded tubular products for the automotive industry. It has 12 plants in the U.S., Canada, Mexico and Australia and has over 2,000 employees and revenue of $600 million.