Worthington Steel to Acquire Controlling Equity Stake in Italy-Based Sitem Group
Worthington Steel (NYSE: WS) has announced plans to acquire a 52% controlling stake in Italy-based Sitem Group through its subsidiary, Tempel Steel Company. Sitem Group, with 50 years of experience, is a major European producer of electric motor laminations for automotive and industrial applications. The transaction includes the acquisition of existing shares, contribution of Worthington's Nagold facility, and subscription of reserved share capital increases.
The deal, expected to close in early 2025, aligns with Worthington's strategy to expand its electrical steel lamination business and strengthen its presence in Europe's growing electric vehicle market. Sitem Group operates six facilities across Italy, Switzerland, Slovakia, and France, and its current leadership will continue to manage operations from Trevi, Italy.
Worthington Steel (NYSE: WS) ha annunciato piani per acquisire una partecipazione di controllo del 52% nel gruppo italiano Sitem Group attraverso la sua sussidiaria, Tempel Steel Company. Sitem Group, con 50 anni di esperienza, è un importante produttore europeo di lamelle di acciaio elettrico per applicazioni automobilistiche e industriali. La transazione include l'acquisizione di azioni esistenti, il conferimento dello stabilimento di Worthington a Nagold e l'abbonamento a aumenti di capitale riservati.
L'accordo, che si prevede di chiudere all'inizio del 2025, è in linea con la strategia di Worthington di espandere il proprio business nel settore delle lamelle di acciaio elettrico e rafforzare la propria presenza nel crescente mercato dei veicoli elettrici in Europa. Sitem Group gestisce sei stabilimenti in Italia, Svizzera, Slovacchia e Francia, e la sua attuale leadership continuerà a gestire le operazioni da Trevi, Italia.
Worthington Steel (NYSE: WS) ha anunciado planes para adquirir una participación de control del 52% en el grupo italiano Sitem Group a través de su subsidiaria, Tempel Steel Company. Sitem Group, con 50 años de experiencia, es un importante productor europeo de laminaciones de acero eléctrico para aplicaciones automotrices e industriales. La transacción incluye la adquisición de acciones existentes, la aportación de la instalación de Worthington en Nagold y la suscripción de aumentos de capital reservados.
El acuerdo, que se espera cerrar a principios de 2025, está alineado con la estrategia de Worthington de expandir su negocio de laminación de acero eléctrico y fortalecer su presencia en el creciente mercado de vehículos eléctricos de Europa. Sitem Group opera seis instalaciones en Italia, Suiza, Eslovaquia y Francia, y su actual liderazgo continuará gestionando las operaciones desde Trevi, Italia.
Worthy Steel (NYSE: WS)는 자회사인 Tempel Steel Company를 통해 이탈리아에 본사를 둔 Sitem Group의 52% 지분을 인수할 계획을 발표했습니다. Sitem Group은 50년의 경험을 가진 유럽의 주요 전기 모터 적층재 생산업체로, 자동차 및 산업용 애플리케이션을 위해 전기 모터 강판을 생산합니다. 이번 거래에는 기존 주식 인수, Worthington의 Nagold 시설 기여 및 자본 증대를 위한 유상증자 구독이 포함됩니다.
2025년 초에 마무리될 것으로 예상되는 이번 거래는 Worthington의 전기 강판 적층재 사업을 확장하고 유럽의 성장하는 전기차 시장에서 입지를 강화하려는 전략과 일치합니다. Sitem Group은 이탈리아, 스위스, 슬로바키아 및 프랑스에 걸쳐 6개의 시설을 운영하며, 기존 리더십은 이탈리아 Trevi에서 운영을 계속 관리할 것입니다.
Worthington Steel (NYSE: WS) a annoncé son intention d'acquérir une participation de contrôle de 52% dans le groupe italien Sitem Group par le biais de sa filiale, Tempel Steel Company. Sitem Group, avec 50 ans d'expérience, est un important producteur européen de tôles magnétiques pour moteurs électriques destinés aux applications automobiles et industrielles. La transaction comprend l'acquisition d'actions existantes, la contribution de l'installation de Worthington à Nagold et la souscription de plusieurs augmentations de capital réservées.
Le contrat, qui doit être finalisé début 2025, s'inscrit dans la stratégie de Worthington d'élargir son activité de lamination d'acier électrique et de renforcer sa présence sur le marché européen en pleine croissance des véhicules électriques. Sitem Group exploite six installations en Italie, en Suisse, en Slovaquie et en France, et sa direction actuelle continuera de gérer les opérations depuis Trevi, en Italie.
Worthington Steel (NYSE: WS) hat Pläne angekündigt, eine 52%ige Kontrolle an der in Italien ansässigen Sitem Group über ihre Tochtergesellschaft Tempel Steel Company zu erwerben. Sitem Group, mit 50 Jahren Erfahrung, ist ein bedeutender europäischer Hersteller von Elektro-Motorlamellen für Anwendungen in der Automobil- und Industriebranche. Die Transaktion umfasst den Erwerb bestehender Anteile, die Einbringung der Worthington-Anlage in Nagold und die Zeichnung von reservierten Kapitalerhöhungen.
Der Deal, der voraussichtlich Anfang 2025 abgeschlossen wird, steht im Einklang mit der Strategie von Worthington, sein Geschäft mit Elektro-Stahl-Lamellen zu erweitern und seine Präsenz im wachsenden europäischen Markt für Elektrofahrzeuge zu stärken. Sitem Group betreibt sechs Einrichtungen in Italien, der Schweiz, der Slowakei und Frankreich, und die derzeitige Führung wird die Geschäfte weiterhin aus Trevi, Italien, leiten.
- Acquisition of 52% controlling stake in a major European electric motor laminations producer
- Strategic expansion into Europe's growing electric vehicle market
- Addition of six manufacturing facilities across Europe
- Option to increase ownership stake in the future
- Retention of experienced Sitem Group management team
- Regulatory approval pending
- Financial terms not disclosed
Insights
This strategic acquisition strengthens Worthington Steel's position in the rapidly growing electric vehicle market. By acquiring a
The timing aligns with Europe's accelerating EV adoption, where the market for electrical motor components is experiencing substantial growth. Sitem Group's established presence and half-century of expertise in electric motor laminations provides Worthington immediate market access and technical capabilities. The retention of Sitem's leadership team ensures operational continuity and preserves valuable customer relationships.
The acquisition positions Worthington Steel strategically in Europe's EV supply chain at a important time. As automakers accelerate their transition to electric and hybrid vehicles, having local manufacturing capabilities for critical components like motor laminations is essential. Sitem Group's diverse facility network across Italy, Switzerland, Slovakia and France provides optimal geographic coverage to serve major European automakers.
The deal enhances Worthington's ability to support global automotive programs with comprehensive manufacturing and technical support - a key requirement for major OEM contracts. The combined expertise of both companies in electrical steel processing creates a competitive advantage in securing new EV platform business.
“This investment aligns with our strategic goal to grow our electrical steel lamination business and expand our customer reach,” said Geoff Gilmore, Worthington Steel president and CEO. “Sitem Group brings 50 years of experience and is one of the largest producers of electric motor laminations in
Establishing a strong presence in
Sitem Group operates six facilities in
“We are excited to partner with Worthington Steel,” said Sitem Group CEO Marco Bartoloni. “This investment and partnership will enable us to better serve global automotive and industrial motor customers. Their philosophy aligns with our values and is a great fit for our employees.”
Latham & Watkins LLP served as legal counsel to Worthington Steel on the transaction. Sitem was advised by UniCredit as financial advisor, Antonello Marcucci as senior advisor and Bird & Bird as legal counsel.
About Sitem S.p.A.
Founded in 1974, Sitem Group is headquartered and has one of its manufacturing facilities in Trevi,
About Worthington Steel
Worthington Steel (NYSE:WS) is a metals processor that partners with customers to deliver highly technical and customized solutions. Worthington Steel’s expertise in carbon flat-roll steel processing, electrical steel laminations and tailor welded solutions are driving steel toward a more sustainable future.
As one of the most trusted metals processors in
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Melissa Dykstra
Vice President
Corporate Communications and Investor Relations
Phone: 614-840-4144
Melissa.Dykstra@worthingtonsteel.com
Source: Worthington Steel, Inc.
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