Tata Steel to sell smaller divisions in lead-up to merger
Tata Steel’s European business is putting several of its smaller facilities and businesses up for sale, including its electrical steel facilities, as it nears its merger with Germany’s ThyssenKrupp.
According to Financial Times, the Indian-owned group plans to dispose five of its “non-core units, allowing the company to focus on its main strip steel business.
Approximately 1,100 employees across the UK, Canada, Sweden, Germany and Turkey will be affected by the sales, however it would account for only a fraction of Tata Steel Europe’s output.
In September 2017, ThyssenKrupp and Tata Steel signed a memorandum of understanding for the merger.
Source: Financial Times