Worthington Industries has inked an agreement to acquire Tempel Steel Company.
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.
Once acquired, the company will become part of Worthington’s Steel Processing segment.
Andy Rose, President and CEO of Worthington, said, “Acquiring Tempel will immediately make us a market leader in the rapidly growing electrical steel market that includes transformers, machines motors and electric vehicle motors.”
“Worthington’s experience and deep relationships in the automotive sector will position Tempel to further penetrate the growing hybrid and electric vehicle market.”
“As electric vehicles are embraced globally and the electricity infrastructure is upgraded and expanded to accommodate the shift to electric motors, we’re excited about what our organisations can do together on a global scale.”