Sheffield Forgemasters will be nationalized to secure its future

UK Business and Economy Updates

Shefield Forge Masters, one of the UK’s oldest steelmakers, will be acquired by the UK Ministry of Defense for £ 2.5 million as the government tightens control of key aspects of the country’s nuclear industry supply chain. ..

NS handle It paves the way for MoD to invest up to £ 400m over the next decade to replace the equipment and infrastructure of steelmakers who have been financially struggling for years.

In this transaction, Forge Masters’ value is £ 2.56 million plus debt. The company, whose existing shareholders consist of former CEO Graham Honeyman and its employees, said it had agreed to sell its shares to MoD for 121p per share through a trust.

The agreement secures the company’s role as a supplier of key components for UK nuclear submarines. This includes specialized forgings and castings, and even …

Sheffield Forgemasters will be nationalized to secure its future

Source link Sheffield Forgemasters will be nationalized to secure its future

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