Worthington Steel Acquires Controlling Stake in Italy-Based Sitem Group

Worthington Industries Acquires Tempel Steel Company

December 1, 2021

Manufacturing

Worthington Industries has acquired Tempel Steel Company for approximately $255 million, adding Tempel's headquarters in Chicago and five manufacturing facilities in Canada, China, India and Mexico. The acquisition, funded primarily with existing cash, brings about 1,500 employees and expands Worthington's capabilities in electrical steel laminations for transformers, motors and EV applications.

Tinicum L.P. Acquires Controlling Interest in Watlow

March 2, 2021

Manufacturing

Tinicum L.P. and affiliated funds managed by Tinicum Incorporated have acquired a controlling interest in Watlow, the St. Louis–headquartered designer and manufacturer of thermal systems. Financial terms were not disclosed; Desloge family shareholders and management will remain minority owners while Tinicum will support Watlow's international expansion, technology investments (Industry 4.0) and growth through strategic acquisitions.

Marubeni-Itochu Steel America Acquires Worthington Specialty Processing's Jackson Facility

November 4, 2022

Industrial Services

Marubeni-Itochu Steel Inc., through its North American subsidiary Marubeni-Itochu Steel America Inc. (MISA), has acquired the Jackson, Michigan processing facility from Worthington Specialty Processing (a joint venture of Worthington Industries and United States Steel). The plant will be renamed MISA Specialty Processing, Inc.; the acquisition is an all-cash transaction intended to expand MISI/MISA's steel processing capacity to serve the North American automotive and related end markets.

One Equity Partners Makes Minority Investment in Gruppo Siti B&T

June 20, 2024

Manufacturing

One Equity Partners (OEP) has made a significant minority investment in Gruppo Siti B&T, an Italian manufacturer of turnkey plants, production lines, machinery and aftermarket services for the ceramic, mineral stone and quartz slab industries. The investment will support Siti’s next stage of expansion — both organically and through acquisitions; financial terms were not disclosed.

Tinicum Acquires Controlling Interest in Groupe Tornatech

October 10, 2024

Manufacturing

Tinicum, L.P. has acquired a controlling interest in Groupe Tornatech Inc., a Laval, Quebec-based designer and manufacturer of fire pump controllers. Tornatech's co-presidents will retain a significant ownership stake and the company will partner with Tinicum to invest in its team, product offering, capabilities, and facilities to support global growth; financial terms were not disclosed.

Worthington Enterprises Acquires 80% Stake in HALO Products Group

February 1, 2024

Consumer Products

Worthington Enterprises has acquired an 80% ownership stake in an affiliate of HALO Products Group, adding HALO-branded pizza ovens, pellet grills, griddles and accessories to its consumer/outdoor-living portfolio. HALO is based in Elizabethtown, Kentucky, employs about 25 people and generated approximately $7 million in revenue in 2023; the deal is intended to expand Worthington's presence in the outdoor living segment and leverage its ecommerce, marketing and retail relationships to grow the HALO brand.