Under the terms of the agreement, North American Stainless will acquire all the outstanding shares of Haynes for US$61.00 per share, a premium of approximately 22% to Haynes' six-month volume-weighted average share price. In addition, Acerinox has committed to investing an additional US$170 million into Haynes’ operations.

“We are excited to announce this combination and are confident that this is the right step to ensure the long-term success of Haynes, while maximizing value for our stockholders,” said Michael L. Shor, president and chief executive officer of Haynes. “By joining with Acerinox, we will be able to continue to grow and enhance our operations, especially with the additional US$200 million investment into the combined company’s U.S. operations, including US$170 million into our operations with the vast majority invested in Kokomo, Ind.,” Shor said.

Haynes specializes in nickel- and cobalt-based high-performance alloys for the aerospace, industrial gas turbine and chemical processing industries.

“Haynes has impressive and complementary business operations, R&D capabilities, and an experienced team. Their addition to Acerinox strengthens our global leadership in high-performance alloys and creates meaningful opportunities in the high-growth aerospace segment and the attractive U.S. market,” said Acerinox chief executive officer Bernardo Velázquez Herreros.