Sep 3 2007
ArcelorMittal and Noble International, Ltd. ("Noble"), North America's largest producer of laser-welded steel products, announced today that they completed the transaction to combine their laser-welded tailored blanks businesses. ArcelorMittal and Noble had previously announced on 16 March 2007 that they had signed a definitive agreement for the combination of their businesses.
Under the terms of the transaction announced today, ArcelorMittal will receive from Noble, in exchange for its laser-welded blanks business in western and eastern Europe, China, India and United States ("TBA"), consideration of approximately US$300 million, which will consist of approximately $131,250,000 in a combination of cash, a Noble note and assumption of certain TBA financial obligations and 9,375,000 shares of Noble common stock.
ArcelorMittal will be the largest stockholder of Noble, owning approximately 40% of the issued and outstanding common shares. ArcelorMittal will also obtain four of nine seats on Noble's board of directors.
As part of the transaction Noble acquired eight production facilities, including one facility in the United States, plus interest in two joint ventures in Asia. Noble now operates 23 production facilities worldwide
Noble and ArcelorMittal entered into a transition services and steel supply agreement to support the Company’s European operations. Noble will have access to ArcelorMittal’s automotive related research and development efforts.
Michel Wurth, Member of the ArcelorMittal Group Management Board said: "The completion of this transaction is great news for both businesses. The combination of our leading position in Europe with Noble's leading position in the US will create a truly global business, for the benefit of our global automotive customers."