Union Steel bought Fastweld Engineering Construction in late 2022 for $2.5 million to help it diversify into complementary business areas. According to Union Steel then, as at end of December 2021, Fastweld's book value was just over $6 million.
Union Steel Holdings is selling its indirectly held subsidiary Fastweld Engineering Construction to its separately-listed associate Eneco Energy.
Under an MOU, the parties involved have given themselves 180 days to firm up definitive terms of the deal.
