Worthington Industries Acquires Tempel Steel Company

Worthington Steel Acquires Controlling Stake in Italy-Based Sitem Group

June 3, 2025

Manufacturing

Worthington Steel, through its subsidiary Tempel Steel Company, LLC, completed the acquisition of an approximately 52% controlling equity stake in Italy-based Sitem S.p.A. (Sitem Group). The deal expands Worthington's presence in the European electric motor lamination market and strengthens its ability to serve global automotive, industrial motor and transformer customers.

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.

Watsco and Carrier Acquire Temperature Equipment Corporation

March 16, 2021

HVAC & Mechanical

Watsco, Inc., together with Carrier Global Corporation, signed an agreement to acquire Temperature Equipment Corporation (TEC) for Watsco to own 80% and Carrier 20%. TEC is a Chicago/Lansing, Illinois–based HVAC distributor with $291 million in 2020 sales, ~10,000 customers and 32 Midwest locations; the deal expands Watsco's footprint into the U.S. Midwest.

Worthington Enterprises Acquires Elgen Manufacturing from MFG Partners

June 26, 2025

Building Products

Worthington Enterprises (NYSE: WOR) has acquired Elgen Manufacturing Company, a Closter, New Jersey-based maker of HVAC ductwork components, from private equity owner MFG Partners. The acquisition expands Worthington Enterprises’ building systems and components portfolio and is intended to accelerate Elgen’s ability to serve customers and support growth initiatives launched under MFG’s ownership.

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.

Wabtec Acquires L&M Radiator, Inc.

June 16, 2023

Manufacturing

Wabtec Corporation has acquired L&M Radiator, Inc., a Hibbing, Minnesota–based manufacturer of heavy‑duty equipment radiators and heat exchangers, for $230 million in cash. The acquisition expands Wabtec's thermal management and mining product capabilities and is expected to be immediately accretive to EPS while delivering synergies over the next three years.