Noble Completes Arcelor Segment Buy

WARREN, Mich. (AP) -- Automotive parts supplier Noble International Ltd. said Friday it completed the $285 million acquisition of the laser-welding operations of Arcelor Mittal, the world's largest steel-maker.

Noble expects the acquisition to boost revenue by $140 million to $150 million in revenue for the fourth quarter, which would bring its total revenue estimate to $865 million to $890 million.

The acquisition is not expected to boost earnings until 2008 because of integration costs that will be taken in the fourth quarter, Noble said.

The company said it will announce more details regarding acquisition-related earnings in October.

When the deal was announced in March, Noble said Arcelor Mittal would receive nearly 9.4 million shares of Noble's stock at $18 per share, plus $116 million in cash. The companies value the deal at $300 million, which includes Noble's assumption of $15 million in debt.

In midday trading, shares of Noble International shares rose 37 cents to $19.96, and Arcelor Mittal rose $2.39, or 3.7 percent, to $66.56. Arcelor Mittal has traded between $31.70 and $67.89 in the past year.