The sales process for Encirc, the former Quinn Glass, that employs 1,000 people and has annual revenues of more than €300m, has entered its second phase this week after initial bids were received for it last Friday. Lazard, the international investment bank, is handling the sale of the business.
The European Bank for Reconstruction and Development (EBRD) has become a shareholder in Paşabahçe, the glassware subsidiary of Şişecam Group. EBRD has invested €125 million in the acquisition of an equity stake of 15.44% in Paşabahçe Cam.4
Jindal Steel and Power Ltd plans to double steel-making capacity at its wholly-owned subsidiary Shahdeed Iron and Steel in Oman at an estimated investment of around $2 billion.
Troubled Italian steelmaker Lucchini said on Tuesday it planned to ask India’s JSW Steel to raise its offer of less than $100 million for the Italian company’s core assets in Piombino on the Tuscan coast. Lucchini, Italy’s second-largest steel plant by capacity, was previously owned by Russia’s Severstal, but it was declared insolvent in 2012 and placed under special administration. JSW so far has made the only binding offer.
On October 10, the strike at the RHI Monofrax plant in Falconer, NY enters the fourth week. Members of SEIU Local 266 and IAM met with company leaders and a federal mediator on Saturday to discuss pension and insurance issues, but did not reach a new contract agreement. Union leaders said there are no plans to return to the bargaining table anytime soon.