GLGH Steel, LLC has agreed to purchase Artrom Steel Tubes S.A., the Romanian seamless steel tubes producer based in Slatina and Resita. The transaction is subject to the necessary regulatory approvals from Romanian authorities.<\/p>\n
GLGH Steel is a subsidiary of Great Lakes Global Holdings (GLGH), an investment company based in Chicago, Illinois.<\/p>\n
The Share Purchase Agreement for the acquisition of Artrom was reached in November between GLGH Steel and Artrom\u2019s previous Serbian owners. GLGH Steel said it is now working to secure the support of the Romanian government for this transaction, \u201cwhich would put the future development of Artrom on the right track.\u201d<\/p>\n
In announcing the transaction, GLGH Founder and Managing Partner, Adam Hitchcock, said: \u201cWe are very excited about making this acquisition. Artrom Steel Tubes S.A. is a strong, modern industrial company based in Romania, with a great future and global potential. We hope to support its growth in the years ahead in developing new markets in Europe, North America, and beyond.\u201d<\/p>\n
The American company also said the transaction would ensure that \u201cthousands of jobs will be protected in southern Romania\u2019s Olt and Caras-Severin counties and\u00a0millions of dollars will\u00a0flow into the local economy in the\u00a0coming\u00a0years.\u201d Moreover, the company will benefit from a sustainable and constant investment flow, allowing it to develop and extend other production lines and access new markets.<\/p>\n
Currently, Artrom Steel Tubes S.A. employs over 2,000 people and is the market leader in the production of steel tubes.<\/p>\n
Before founding GLGH, Adam Hitchcock was Managing Director at Guggenheim Partners, a leading global investment and advisory firm with over USD 300 billion in assets under management worldwide, reporting to the executive chairman. Before entering the financial industry, he served in the US government, at the White House in the Office of the Chief of Staff and the Council of Economic Advisers. He previously served as a member of the Council on Climate at the Export-Import Bank of the United States.<\/p>\n
irina.marica@romania-insider.com<\/p>\n