Canadian steelmaker, IPSCO, buys NS Group Inc. (NSS) for about $1.46 billion. The deal will be used to broaden Ipsco's energy product offering, according to this MSNBC.com report.
NS Group president Rene J. Robichaud said the merger will allow employees “to be part of a larger enterprise.”
“Ipsco has indicated that it is their intent to build on our exceptional platform and continue to grow the business over the long term,” Robichaud said in a statement.
After the transaction is complete, the new company is expected to have combined annual revenue of more than $4 billion.
Ipsco Inc., based in Regina, Canada, operates three steel mills and six pipe mills in the United States and Canada. It has an annual steel-making capacity of 3.5 million tons.
Know About business leaders at LeaderNotes.com.
Comment Preview