Tata Steel is looking for a buyer for its UK steel business, which includes the UK’s biggest steel plant at Port Talbot where 4,000 people are employed, as well as its operations at Shotton, Rotherham and Corby. Tata says that supporting its UK business has lost it more than £2bn over the last five years. The UK Government is in discussions with the company over the future of the Port Talbot plant and says that it is considering ‘all options’. Tata blames the present situation on the global oversupply of steel, the significant increase in steel imports into Europe, high manufacturing costs, continued weakness in domestic market demand for steel and a volatile currency. The company says that all these factors are likely to continue into the future.
Currency Exchange Corporation (CEC) has been acquired by the Irish financial services provider Fexco. The deal means CEC’s 36 London branches will become part of No.1 Currency, Fexco’s retail foreign exchange business.
The chemicals manufacturer Synthomer has moved to improve its position in the performance adhesives and coatings market with the acquisition of the American company Hexion. Based in Ohio, Hexion makes a wide range of dispersions, additives, powder coatings and speciality monomers.
YFM Private Equity and Octopus Investments have sold Callstream Group to the American company J2 Global. Callstream is a provider of cloud-based call management systems to the UK insurance, travel and retail indsutries.
Haymarket Media Group has announced it is to stop publishing content under the Marketing and Media Week brands. The move sees the Campaign brand expanded to include extra material, with Marketing’s current editor Rachel Barnes taking over as Campaign’s UK editor.
Smart Metering Systems has bought three companies (CH4, Trojan Utilities and Qton Solutions) for a total cost of £6.9m. CH4 and Trojan both specialise in traditional and smart gas and electricity metering installations. Qton Solutions is a provider of work and field management IT systems applications for gas and electricity metering installations.
The pet food manufacturer MPM has been acquired by the private equity firm ECI. MPM owns premium brands such as Applaws and Encore. ECI has invested in a number of well known consumer brands, including Evans Cycles, Great Rail Journeys and Encore Tickets.
Allied Filter Systems, a manufacturer of liquid filter bags, has acquired rival business Wolf Filtration.
Bromford Industries has been acquired by the private equity firm Liberty Hall Capital Partners. Bromford is a supplier of close tolerance engine components, fabrications and assemblies and landing gear components for the aerospace and power generation sectors.
An industry leading global markets infrastructure group has been created following the announcement that London Stock Exchange Group and Deutsche Börse AG have agreed to merge. The combined company will have its headquarters based in London and Frankfurt, with the main corporate functions split equally between the two.