BusinessBusiness RecoveryKPMG secures sale of steel manufacturer

KPMG secures sale of steel manufacturer

KPMG, joint administrative receiver to steel manufacturer ASW Holdings, has today reached an exclusivity agreement with Celsa Group for the sale of parts of ASW Holdings.

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The agreement means Celsa Group, a leading steel manufacturer, will buy the majority of the real property and certain plant and machinery of ASW Holdings’ Cardiff site. Some jobs at Cardiff could still be saved as a result.

It is hoped the deal will be finalised in January 2003. Specific details are unclear at present given that the terms of the agreement are subject to confidentiality clauses.

A statement from KPMG said that it is hoped that certain steel making operations would recommence in Cardiff in the future. But, the company’s Sheerness site will cease production over the next three weeks. Some 190 Sheerness employees will be made redundant.

Richard Hill and Roger Oldfield, KPMG joint administrative receivers, said: ‘We are pleased to announce the agreement reached today with Celsa Group and we hope that completion of the proposed site will enable steel making to return to Cardiff.’

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