(Credit Photo @ The Hindu)
NEW DELHI: Tata Steel said it has re-branded Corus, which it acquired in 2007 for over $12 billion, as Tata Steel Europe. ” Corus is adopting Tata Steel as its new identity from today. The Tata Steel name and logo will begin to appear on the Company’s transactional documents, product deliveries, locations and vehicles,” the company said in a statement. The re-branding, however, will be a gradual process and “not everything will change immediately” the global steelmaker said. Tata Steel had acquired Corus in April 2007 for over $12 billion in a transaction that created one of the world’s largest steelmakers, with a major presence in Europe as well as Asia and had started the rechristening exercise some two years back. Tata Steel Europe (formerly Corus) MD and CEO Kirby Adams said: “This is the right time to enter a new era under the Tata Steel name, now that we have successfully returned the company to profit following the global financial crisis. This brand migration will lead to the Tata Steel name becoming much more prominent and widely recognized across Europe.” Tata Steel Europe is Europe’s second largest steel producer. With main steelmaking operations in the UK and the Netherlands, the company supplies steel and related services to the construction, automotive, packaging, material handling and other markets worldwide. It is a subsidiary of Tata Steel and the combined Group has an aggregate crude steel capacity of more than 28 million tonnes and approximately 80,000 employees across four continents. Corus was formed following merger of British Steel and the Netherlands’ Koninklijke Hoogovens in 1999 is now the largest steel producer in Europe with annual revenue of around 12 billion pound.
Source : Times Of India