Worthington completes Tempel Steel acquisition
USA, Ohio: Worthington Industries’ Steel Processing segment has completed the acquisition of Tempel Steel Company for approximately $255 M.
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USA, Ohio: Worthington Industries’ Steel Processing segment has completed the acquisition of Tempel Steel Company for approximately $255 M.
Tempel Steel is a leading global manufacturer of precision motor and transformer laminations for the electrical steel market that includes transformers, machine motors and electric vehicle (EV) motors. With this purchase, Worthington Industries has added to its portfolio five manufacturing facilities located in Chicago, Canada, China, India and Mexico.
“The addition of Tempel makes us a world leader in the rapidly growing electrical steel market that includes transformers, machine motors and electric vehicle motors,” said President and CEO Andy Rose. “Tempel expands our sustainable mobility offerings beyond lightweighting and hydrogen to more widely serve the global market for hybrids, EVs and the electricity infrastructure needed to support them. Tempel has a rich history and dedicated workforce and we’re excited to officially welcome them to Worthington.”
Worthington is North America’s premier steel processor and producer of laser welded solutions and electrical steel laminations that provide lightweighting, safety critical and emission reducing components to the mobility market.
Source: Worthington Industries