International industrial and metals group Liberty House has announced that it has acquired Caparo Merchant Bar plc (CMB), a subsidiary of the UK-based steel and engineering group Caparo Industries which went into administration in late 2015. CBM has an annual merchant bar production capacity in excess of 400,000 mt.
According to Liberty’s statement, it has also reached an agreement with the pension trustee concerning Caparo Industries’ 1,700-member pension scheme alongside saving the jobs of 145 workers at CMB’s two rolling mills in Scunthorpe. CMB produces a range of steel bars and light sections for the construction, energy, infrastructure, oil & gas, shipbuilding and transport industries.
According to Liberty, the acquisition will complement its already substantial network of steel plants in the UK and enable the company to supply the market with an extensive range of steel products.