Jingye Steel has entered into a deal to buy British Steel, which had previously agreed to be sold to a buyer—Oyak, a Turkish army pension fund—that later dropped its offer because the operations were not commercially viable.

Per published reports, China’s Jingye Steel, via its U.K. operations, has entered into a contract to buy British Steel. British Steel’s Official Receiver and others part of the process, confirmed that contracts have been entered into with Jingye Steel (UK) Ltd. and Jingye Steel (UK) Holding Ltd., to acquire the business and assets of British Steel Limited in liquidation, including the steelworks at Scunthorpe and U.K. mills and the subsidiary businesses of FN Steel, British Steel France and TSP Engineering.

The deal has yet to be finalized, and is conditional on items that include regulatory approvals and certain employee consultation procedures. “The parties are working together to conclude a sale as soon as reasonably practicable...and the business will continue to trade as normal, during the period between exchange and completion, whilst assisting Jingye to plan for the future.”

Per the reports, Jingye is a privately owned Chinese corporation founded and led by Li Ganpo a former senior Communist Party official who became a self-made industrial tycoon. His Jingye Group has interests in steel and manufacturing, chemicals, real estate, finance, trade, pharmaceutical, hotels and tourism. It has more than 22,000 employees.

Briish Steel, which includes wire rod in its product mix, was described as Britain’s second largest steelmaker after Tata Steel. The steelmaker was put into liquidation in May, years after being acquired by private equity firm Greybull Capital LLP for 1 pound.

The offer from Oyak has been reported as having been between $73 million and $85 million. At one point, Oyak had told The Guardian that it was considering doubling the production capacity of British Steel.

U.S.-based Lee Spring reports that it has acquired Longcroft Engineering, a U.K. manufacturer of custom springs that has a plant in Todmorden, Lancashire.

A press release said that Longcroft Engineering "has been a key strategic partner of Lee Spring for any years, with a complementary skill set that is a natural fit for the enhancement of our global operations."

Lee Spring CEO Steve Kemp said that "the acquisition of Longcroft Engineering expands our capabilities to support continued growth within the U.K. and across the greater European market. They are a talented team with broad spring manufacturing experience and particular expertise in short-run prototyping of complex springs made from both wire as well as flat materials."

Longcroft Engineering, which will continue to serve customers from its facility in Todmorden, will now also have access to a wider range of capabilities through Lee Spring’s global manufacturing operations, the release said. "This acquisition enhances the offering available to Lee Spring customers worldwide with expanded manufacturing operations located in the U.K."

The Prysmian Group announced that it has received a binding offer from Carlisle Companies Incorporated for the acquisition of the business of Draka Fileca SAS (Fileca) in a transaction valued at €73 million.

A press release said that Fileca, which was acquired by Prysmian in 2011 as part of the Draka acquisition, is a global supplier of highly engineered cables for the aerospace and space end markets. Based in France, it generates revenues of €44 million and reported adjusted EBITDA of approximately €5 million in 2018. Fileca, provided first generations of aerospace cables to the Concorde program.

The transaction is expected to be completed during the first quarter of 2020.

TPC Wire & Cable Corp. (TPC), a business of Audax Private Equity, announced that it has completed the acquisitions of Cicoil LLC and Pittsburgh Wire & Cable.

A press release said that the addition of Cicoil, which makes flat cable and flat and round cable assemblies for sectors such as medical and defense, will help TPC expand its market reach and strengthen its portfolio of specialized wire and cable solutions. "We continue to execute our strategy of combining above market organic growth with acquisitions that diversify our product and service capabilities as well as the end markets we serve," said TPC President & CEO Jeff Crane.

In a separate release, TPC reported that it had acquired Pittsburgh Wire & Cable (PWC). Founded in 1992, PWC is a stocking distributor of industrial and commercial wire, cable and accessories that was described as having "an extensive inventory, strong industry partnerships and a rigorous quality management system."

Fort Wayne Metals, based in Fort Wayne, Indiana, has completed the company’s €10 million expansion of its facility in Ireland, an investment that could eventually create up to 80 new jobs at its plant in Castlebar.

Per IDA Ireland and online reports, the 20,000-sq-ft expansion will bolster Fort Wayne Metals’ development of revolutionary materials for medical devices. In 2002, Fort Wayne Metals first established the plant in Castlebar, where it now employs 95 people who help manufacture products for medical device companies in Ireland, Europe and Asia. The expansion represents the next stage of growth for the company with its product diversification strategy focused on the manufacture and supply of specialty alloys such as nitinol (nickel-titanium).

The official opening was lauded by dignitaries. "This major investment shows the company is committed for the long term," said Leo Eric Varadkar, the current Taoiseach (Prime Minister) of the Republic of Ireland. "Essential components for medical devices which can improve and save lives are manufactured here and sold around the world. Congratulations to the local staff and management team who will be joined by 80 new employees over the next five years. The government, through IDA Ireland, will continue to work with Fort Wayne as the company expands in the years ahead."

"This expansion is a testament to the hard work and talent of our Irish employees," said Fort Wayne Metals CEO Scott Glaze. "Their expertise and dedication have been fundamental to the growth of Fort Wayne Metals Ireland, and I have every confidence that they will be successful as they take on the challenges of manufacturing precision nitinol wire for our customers around the world."

Fort Wayne Metals is a privately held company with 12 manufacturing plants. Fort Wayne Metals Ireland is the corporation’s only manufacturing facility outside the U.S.