Cornet Vincent Ségurel advises OXYTEC on the takeover of PHOENIX

Press releases — 24 April 2023

OXYTEC has been chosen by the Lille Métropole Commercial Court to take over 2 French sites of the American steel supplier PHOENIX in Saint-Saulve and Bayonne. The deal will enable all jobs to be maintained, major investments to be made and a new flame-cutting business to be launched for SAARSTAHL ASCOVAL. Lille, 19 April 2023 […]

Lille, 19 April 2023 – OXYTEC, a French family-owned industrial group specialising since 1992 in the handling, sorting and processing of scrap metal for some of the world's leading steelmakers (ArcelorMittal, Ascometal, Industeel, etc.), has won the court's call for tenders to take over PHOENIX Saint-Saulve and Bayonne, which serve the Saarstahl Ascoval and Celsa France steelworks. Advised by Cédric Orban, ex-CEO of Saarstahl Ascoval, OXYTEC was the first choice for these two plants at the cutting edge of "green steel" and for the 45 PHOENIX employees on site, all of whom were taken on. OXYTEC aims to develop its industrial activities in the north of France and in the regions, based on a long-term investment policy.

Patrick Henry, Chairman of OXYTEC, commented: "We would like to thank the Lille Métropole Commercial Court and all those involved in the procedure for trusting us with the takeover of Phoenix in Saint-Saulve and Bayonne. We are delighted to welcome their employees to continue the business. Major investments are planned at both sites to improve equipment, working conditions and the service provided to these two strategic French steelworks: Saarstahl Ascoval and Celsa France."

The OXYTEC project: long-term investment, short decision-making cycles, customer satisfaction and staff safety

OXYTEC is taking over all 45 PHOENIX employees (39 in Saint-Saulve and 6 in Bayonne) and will retain the existing management teams "in whom the group has full confidence". "We will be giving new resources to the departments in charge of safety, quality, maintenance and human resources, to guarantee a safe environment for our teams and a high-quality service for our customers," explains Patrick Henry, who will be visiting the sites on a regular basis to ensure rapid decision-making.

Major investments of nearly €10m are also planned over 5 years, including €5m in the first year, to renovate industrial equipment, improve working conditions and enhance the reliability of the service provided to steelworks. These investments were defined after an in-depth examination of the needs of each site, with the technical and customer teams on site.

"Four potential buyers were in the running. We won the bid because we drew up a robust industrial project and we set out to align the interests of all parties: OXYTEC, PHOENIX staff, customers and the bodies involved in the process," adds Cédric Orban, Ascoval's former CEO.

Oxytec and Saarstahl Ascoval launch an innovative new oxycutting activity to optimise the cutting of steel blooms

At the same time, OXYTEC has won a key contract with Saarstahl Ascoval for innovative new equipment to cut steel blooms using an oxygen flame. The launch of this new activity will enable us to guarantee our customers shorter lead times and better use of raw materials. It should require the recruitment of an additional team of 6 people in the near future.

Participants

Administrateurs judiciaires and Mandataires judiciaires:

FHB (Hélène Bourbouloux)
BMA (Laurent Miquel)

Purchaser Attorneys / Oxytec: Cornet Vincent Ségurel

Company restructuring and turnaround: Thomas Deschryver, Stéphanie Forest, Maximilien Plaisant
Corporate Law: Benjamin Chevalier, Marie Amourelle, Clara Servan
Employment Law: Caroline Henot, Régis Debroise

Purchaser Strategy advisor: COMC2 (Cédric Orban)

Sellers / Phoenix Attorneys: Weil Gotshal & Manges (Anne-Sophie Noury, Julien Faure)