Marubeni-Itochu Steel Inc. (MISI) has acquired the entire share capital of UK steel distributor Barclay & Mathieson (B&M) Group.
MISI plans to grow its presence within the UK and European markets, and the acquisition of the B&M group will add value-added businesses to its existing portfolio. “With plans to invest significantly post acquisition, it will be an exciting opportunity to expand and grow further globally,” B&M says in a note seen by Kallanish.
“Our worldwide infrastructure will help us catapult the B&M group to the next level,” says MISI president Tatsuhiko Toshita. B&M Group chief executive Mike Walton adds: “It’s an exciting time for the B&M Group, with further plans for growth in the UK and the rest of the world, the backing of our new parents and the significant resources both financial and operational will enable us to deliver those goals.”
Japan-based MISI employs over 10,000 people in 90 countries, with annual revenue of some $16.5 billion.
Adam Smith Poland