UK bright bar and engineering steels processor and distributor Acenta Steel tells Kallanish that its business has been acquired by Singapore-registered Aar Tee Industries Holdings Pte Limited. No value for the transaction has been disclosed.
Headquartered in Willenhall, West Midlands, in 2017 Acenta Steel achieved turnover of £70 million ($93.1m) across its six sites in the UK with 350 employees. Its products are used in precision-finished material for component manufacture in wide ranging and demanding engineering applications such as engine, driveline and suspension parts, hydraulic valves and household goods.
“The acquisition is a diversification for Aar Tee into manufacturing and this is seen as a first step to expand their industrial footprint within UK/Europe. The Acenta brand will remain as will its independent status,“ says new ceo Colin Mills.
Mills moves to ceo of the new company from his previous position of chief operating officer. Former ceo Tarlok Singh becomes chairman. “The acquisition is very much an investment for growth and Acenta Management will remain unchanged and as far as all stakeholders are concerned its business as usual,” the ceo adds.
“Our investment in Acenta Steel is a new milestone for the Aar Tee Group. We are very excited to be entering the manufacturing sector in the UK and have big ambitions to grow in this space through investment and innovation,” says Aar Tee founder and chairman Ravi Trehan. Aar Tee is a global metals trading business with hubs in London, Dubai, Hong Kong and Singapore,
Trehan credits Liberty House chairman Sanjeev Gupta with some of the inspiration behind the investment. “I would like to thank Sanjeev Gupta for sharing with us his vision for the regeneration of UK manufacturing,” he adds.