From AFX News Limited

WARREN, MI -- Automotive parts supplier Noble International Ltd. on Friday said it has signed a $285 million deal to acquire the laser-welding operations of Arcelor Mittal, the world's largest steel-maker.

The Netherlands-based Arcelor Mittal will receive nearly 9.4 million shares of Noble's stock, at a price of $18 per share, plus $116 million in cash. Including Noble's assumption of $15 million of debt, the companies value the deal at $300 million.

The deal is expected to close during the summer, at which time Noble will operate a total of 22 manufacturing facilities in the United States, Canada, Australia, Europe, China and India.

Noble and Arcelor Mittal also will enter into a shared services and steel supply agreement to support the company's European operations.

Shares of Noble added $1.10, or 6.5 percent, to $17.94 in midday trading on the Nasdaq Stock Market, where they have traded between $12.16 and $20.47 in the past year. Shares of Arcelor Mittal fell 12 cents to $50.23 on the New York Stock Exchange.

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