Worthington Steel to Acquire Controlling Equity Stake in Italy-Based Sitem Group
Worthington Steel, Inc. Common Shares (WS)
Company Research
Source: Business Wire
COLUMBUS, Ohio--(BUSINESS WIRE)--Worthington Steel, Inc. (NYSE: WS) (“Worthington Steel” or the “Company”) announced today that it has reached an agreement to acquire through its subsidiary, Tempel Steel Company, LLC (“Tempel”), a controlling equity stake in Italy-based Sitem S.p.A. (together with its subsidiaries, Stanzwerk AG, Decoup S.A.S. and Sitem Slovakia spol. s r.o., “Sitem Group”). Sitem Group produces electric motor laminations and accessory products for automotive and industrial applications in Europe. Worthington Steel will acquire, through the acquisition of shares from existing shareholders of Sitem Group, the contribution of Worthington Steel’s Nagold, Germany, facility and the subscription of reserved share capital increases, an approximately 52% stake in Sitem Group with the option to increase ownership in the future. The transaction is expected to close in early 2025, subject to the receipt of applicable regulatory approvals and customary closing conditions.“This
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WS
Earnings
- 12/18/24 - Miss
WS
Sec Filings
- 12/20/24 - Form 8-K
- 11/12/24 - Form SC
- 11/4/24 - Form SC
- WS's page on the SEC website