Novolipetsk Steel (NLMK) announced that it has terminated its agreement and plan of merger with DBO Holdings Inc. for the acquisition of John Maneely Co. (JMC), and the related $2 billion bridge loan facility it had entered into to finance in part the acquisition. The litigation brought by DBO Holdings relating to the acquisition continues. DBO Holdings is owned by the Carlyle Group, a private equity firm that has owned JMC since 2006.
JMC is the largest independent tubular manufacturer in North America, with holdings
that include the Wheatland and Atlas Tube divisions, and Seminole Tubular
Products. During Carlyle’s ownership, sales increased by $800 million, a 36%
percent rise, from $2.2 billion in fiscal 2006 to an estimated $3 billion in
Formed through the combination of John Maneely Co. and Atlas Tube in December
2006 and headquartered in Beachwood, OH, JMC operates 11 plants in five U.S.
states and one Canadian province with a total production capacity of more than
3 million tons of steel pipe and tube per annum.
Report Abusive Comment