Worthington Steel (WS) said Tuesday that its Tempel Steel unit has agreed to acquire a controlling equity stake in Sitem Group, a manufacturer of electric motor laminations and accessory products in Europe.
Worthington said it will acquire 52% of Sitem Group through the purchase of shares from current Sitem Group shareholders; the contribution of Worthington's facility in Nagold, Germany; and the subscription of reserved share capital increases.
The company said the deal, which is expected to be completed early next year, gives it the option to boost its stake in Sitem Group in the future.
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