Companies led by two international billionaires have struck deals to acquire businesses in Aberdeen.
ArcelorMittal - chaired by billionaire QPR co-owner Lakshmi N. Mittal – announced last night that it has acquired Scottish recycling business John Lawrie Metals Ltd.
And in a separate deal, Altrad, the industrial services giant founded by Mohed Altrad in 1985, revealed it has purchased Sparrows Group for an undisclosed sum.
John Lawrie Metals 'perfect fit' for ArcelorMittal
John Lawrie Metals, which is based in Aberdeen, with three other sites in the North-east, is a leading consolidator of ferrous scrap metal.
ArcelorMittal has acquired the business as part of the company’s strategy of increasing the use of scrap steel to lower CO2 emissions from steelmaking.
The deal was completed on Friday and the business will continue to be run by the current management.
In 2019, ArcelorMittal had revenues of $70.6billion and crude steel production of 89.8million metric tonnes, while iron ore production reached 57.1million metric tonnes.
Click here to read more about the John Lawrie Metals deal
'Hugely exciting time' for Sparrows
Around 2,000 workers from Bridge of Don-based Sparrows are expected to transfer over to French-headquartered Altrad when the deal closes in the second or third quarter of the year.
Altrad, which has a north-east operation in Dyce, said the group will run independently within the wider organisation and "therefore redundancies are unlikely".
It added that it will retain Sparrows' "existing and well-respected management team".
Stewart Mitchell, CEO of Sparrows, said, “This is a hugely exciting time for Sparrows, and we are looking forward to joining Altrad.
"We are excited about Altrad’s strategic vision and ambition, and this transaction will deliver many advantages for our clients and employees as we continue on our diversification and growth trajectory.
Click here to read more about the Sparrows Group deal.