Worthington Steel, Inc. (NYSE: WS) (“Worthington Steel” or the “Company”) announced that it has acquired a majority stake in the share capital of Italy-based Sitem S.p.A. (together with its subsidiaries Stanzwerk AG, Decoup S.A.S. and Sitem Slovakia spol. s r.o., hereinafter “Sitem Group”) through its subsidiary, Tempel Steel Company, LLC (“Tempel”).
Worthington Steel now holds an approximate 52 percent ownership interest in Sitem Group, with an option to increase the ownership stake in the future.
«This marks a significant step in our strategic growth plan, strengthening our position in the European electric motor rolling market and enhancing our ability to support global customers in the automotive, industrial motor and transformer sectors,» said Geoff Gilmore, president and CEO of Worthington Steel.
«Sitem Group shares our commitment to quality, innovation and customer focus, and we are excited to build on our shared success».
Sitem Group, one of Europe’s largest manufacturers of electric motor sheet metal, operates six production facilities in Italy, Switzerland, Slovakia and France. The company will continue to be led by the current management team, including president Fabrizio Scarca, managing director Marco Bartoloni and purchasing manager Gabriella Scarca, from its headquarters in Trevi, Italy.
The transaction involved a combination of cash investment, the acquisition of shares from existing shareholders, and the contribution of the Worthington Steel plant in Nagold, Germany. This strategic investment supports Worthington Steel’s long-term goal of expanding its presence in high-value electrical steel applications.
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