DSD Steel to wrap up acquisition of Siag Nordwerke

Feb 15, 2013 – German steelmaker DSD Steel will finalise the takeover of insolvent compatriot wind turbine supplier Siag Nordseewerke GmbH, on February 17, the company said yesterday.

DSD will take over 240 Siag employees, while 16 trainees will be given opportunity to complete their training. The remaining 500 workers will be transferred to a transitional company.

The deal has put an end to a month-long search for investors.

Siag Nordseewerke filed for insolvency in October 2012, as it was running out of liquidity. The company was badly stung by lack of investments.

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