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AK Steel Acquiring Stamped Components Manufacturer
07/03/2017 - AK Steel is setting its sights downstream, announcing Monday that it is acquiring a Canadian tooling and stamped components manufacturer for US$360 million in cash.
In a statement, AK Steel said its acquisition of Ontario-based Precision Partners Holdings Company advances its focus on its automotive steel business and strengthens its ability to collaborate with automotive customers.
Precision Partners specializes in the design and engineering of tooling and dies as well as in the stamping of complex, hard-to-manufacture automotive components.
"The acquisition of Precision Partners underscores AK Steel's commitment to expand our portfolio of high-value products and processes," said AK Steel chief executive Roger Newport.
"Precision Partners has a highly experienced leadership team and is an innovator in the markets they serve. This acquisition will combine the best of both companies, bringing AK Steel's innovation in materials and manufacturing together with Precision
Partners' tooling and stamping knowledge and technology, to create a differentiated, innovative leader in the steel industry."
Precision Partners employs about 1,000 people at eight facilities in Ontario, Kentucky and Alabama. AK Steel said it will finance the deal through a combination of debt and equity.
Precision Partners specializes in the design and engineering of tooling and dies as well as in the stamping of complex, hard-to-manufacture automotive components.
"The acquisition of Precision Partners underscores AK Steel's commitment to expand our portfolio of high-value products and processes," said AK Steel chief executive Roger Newport.
"Precision Partners has a highly experienced leadership team and is an innovator in the markets they serve. This acquisition will combine the best of both companies, bringing AK Steel's innovation in materials and manufacturing together with Precision
Partners' tooling and stamping knowledge and technology, to create a differentiated, innovative leader in the steel industry."
Precision Partners employs about 1,000 people at eight facilities in Ontario, Kentucky and Alabama. AK Steel said it will finance the deal through a combination of debt and equity.
