STOCKHOLM, Sweden, July 18 /PRNewswire/ -- SSAB Svenskt Stal AB today announced that the acquisition of IPSCO Inc. was successfully completed for U.S. $160 per share. The acquisition has been approved by shareholders, Competition Authorities and the Boards of Directors of both companies.
"I am very pleased to announce the successful closing of the IPSCO acquisition. This is yet another milestone in our SSAB 2010 strategy towards becoming the global leader in value added steel. Through the acquisition of IPSCO, we will not only acquire a platform for future growth and expansion, we will also extend our market presence in North America. The transaction will give an immediate and significant accretion to SSAB's earnings and cash flow which will result in an improved strategic and financial position for SSAB," says Olof Faxander, CEO and President of SSAB.
IPSCO will be organized as a division in the SSAB Group. John Tulloch, who is now head of division IPSCO and new Executive Vice President in the SSAB Group says, "This combination of SSAB and IPSCO accelerates the opportunities for customers, employees, suppliers and our communities alike to grow and prosper over the coming years. IPSCO's dynamic growth and success over its history will continue when merged with the global organization of SSAB. We look forward to being a vital part of the new SSAB's future success."
IPSCO's former President and Chief Executive Officer, David Sutherland, is retiring.
"I wish to thank David Sutherland for the very positive cooperation during the very intensive work on uniting our two companies," says Olof Faxander. "David Sutherland has also played a very important role in the development of IPSCO into one of the most successful steel companies in North America."
For further information, company backgrounders or financial numbers please visit: http://www.ssab.com/ or http://www.ipsco.com/.
This press release is for information only and does not constitute an offer to issue or sell, or the solicitation of an offer to acquire, securities in any jurisdiction.
This press release contains forward-looking statements. Actual results could differ materially from the future results expressed or implied by these forward-looking statements due to factors that cannot be controlled or estimated precisely. The forward-looking statements speak only as of the date of this press release. SSAB does not undertake any obligation to revise these forward-looking statements to reflect events or circumstances after the date of this press release.
© 2007 PR Newswire
