Worthington Industries has completed the acquisition of Tempel Steel Company for approximately $225m.
A global business, with facilities in Chicago, Canada, China, India and Mexico, Tempel Steel is a manufacturer of precisions motor and transformer laminations for the electrical steel market.
Andy Rose, President and CEO of Worthington Industries, said, “The addition of Tempel makes us a world leader in the rapidly growing electrical steel market that includes transformers, machine motors and electric vehicle motors.”
“Tempel expands our sustainable mobility offerings beyond light weighting and hydrogen to more widely serve the global market for hybrids, EVs and the electricity infrastructure needed to support them.”
Rose continued, “Tempel has a rich history and dedicated workforce and we’re excited to officially welcome them to Worthington.”
Now acquired, Temple Steel will become part of Worthington’s Steel Processing segment.