IN BRIEF: Severfield buys Voortman Steel for EUR24 million

Severfield PLC - Thirsk, England-based structural steelmaker - Buys Voortman Steel Construction Holding BV for EUR24 million. Says Voortman is a profitable cash generative business based in Rijssen, the Netherlands, and will provide the company with a manufacturing base in Europe. "Combining the businesses will enhance Severfield's position as one of Europe's most diverse structural steel services groups," Severfield says. Anticipates the acquisition to be earnings enhancing in the year ending March 31, 2024. "The acquisition will allow for areas of future collaboration with Voortman Steel Machinery Holding BV including the development of 'robot' production technology, proprietary fabrication software and bespoke equipment," Severfield adds.

Current stock price: 60.50 pence, down 0.7% on Wednesday

12-month change: down 8.1%

By Tom Budszus, Alliance News reporter

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