Chinese Jingye Group acquires British Steel by RMB 450 mln

Jingye Group of Hebei Province, China, announced the official acquisition of British Steel with the final transaction price of 50 million pounds (about 450 million yuan) on March 10.

Jingye Group of Hebei Province, China, announced the official acquisition of British Steel with the final transaction price of 50 million pounds (about 450 million yuan) on March 10.

Located in a revolutionary base area in Pingshan County, Shijiazhuang City, Jingye Group is mainly engaged in the iron and steel industry. It also has business in steel processing, international trade, and powder metallurgy 3D printing.

Jingye Group currently has 2,3500 employees, and its sales revenue reached 127.4 billion yuan in 2019, ranking 217 among the top 500 companies in the country.

From October 26, 2019, the executives of Jingye Group began to settle in British Steel. It took them only two weeks to complete the due diligence work and signed a framework agreement on the acquisition on November 11, 2019.

The successful acquisition resurrects the second-largest steel company in the UK. 3,200 local staff have been saved from losing their jobs. Jingye Group plans to invest 1.2 billion pounds, that is RMB 10.9 billion, to upgrade the company in the next ten years.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/06/07/chinese-jingye-group-acquires-british-steel-by-rmb-450-mln/.

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