Worthington Industries Acquires Tempel Steel Company
December 1, 2021
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.
- Buyers
- Worthington Industries, Inc.
- Targets
- Tempel Steel Company
- Industry
- Manufacturing
- Location
- Illinois, United States
- Transaction Type
- Buyout
Explore More
Related Acquisitions
-
Worthington Enterprises Acquires LSI Group
January 21, 2026
Building Products
BellMark Partners advised LSI Group in its acquisition by Worthington Enterprises Inc. LSI, a manufacturer of standing seam metal roof clips, roof accessories, and retrofit systems, is headquartered in Logansport, Indiana and employs 141 people.
-
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.
-
Worthington Steel Completes Acquisition of Controlling Equity Stake in Sitem Group
June 3, 2025
Industrial Services
Worthington Steel (through its subsidiary Tempel Steel Company, LLC) completed the acquisition of a controlling ~52% equity stake in Italy-based Sitem Group (Sitem S.p.A. and subsidiaries). The deal combines a cash investment, the acquisition of shares from existing shareholders, and the contribution of Worthington Steel’s Nagold, Germany facility, with an option for Worthington Steel to increase its ownership in the future.
-
Watlow Signs Agreement to Acquire Eurotherm from Schneider Electric
June 8, 2022
Industrial Services
Watlow, an industrial thermal systems manufacturer, signed an agreement to acquire Eurotherm from Schneider Electric. The terms were not disclosed. The companies expect to combine Eurotherm’s temperature/power/process controls and software capabilities with Watlow’s thermal systems focus to better serve shared industrial markets and expand globally.
-
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.
-
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.
Build a buyer list for your deal
Find active buyers from recent acquisition patterns and move straight into outreach.