Worthington Steel Completes Acquisition of Controlling Equity Stake in 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.

Worthington Steel to Acquire Kloeckner & Co in $2.4 Billion Cash Deal

January 15, 2026

Industrial Services

Worthington Steel entered into a Business Combination Agreement to acquire Germany-listed metals service center and metal processing company Kloeckner & Co for €11 per share in an all-cash voluntary tender offer. The deal is expected to be completed in the second half of 2026 and create a more diversified, larger-scale metals processing platform with an estimated $150 million in annual synergies.

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.

Wabtec Corporation Acquires Super Metal

November 17, 2022

Industrial Services

Wabtec Corporation signed a definitive agreement to acquire Super Metal, a Brazilian supplier of automated vehicles and railway maintenance equipment solutions. Wabtec said the acquisition complements its Nordco acquisition and is intended to expand its railway maintenance-of-way portfolio and accelerate international growth, particularly in Latin America, Asia, and Africa.

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.