MUNICH: Mutares SE & Co. has signed an agreement to acquire Sheffield Operations of Allegheny Technologies Incorporated (ATI). Rebranding of the entity as Special Melted Products Limited will follow, a bourse filing noted.
This acquisition will strengthen the Engineering & Technology segment as a new platform investment.
The closing of the transaction is expected by the end of the first quarter of 2022, subject to the satisfaction of customary regulatory approvals and other conditions.
The operation is located in the Sheffield, UK, employs around 190 people, with expected revenues of approx. EUR 80 million for 2022.
Sheffield Operations of Allegheny Technologies utilizes Vacuum Induction Melting (VIM), secondary re-melting and rotary precision forging to produce a range of high integrity products in low alloy steels, stainless steels and nickel-based super alloys.
Through its extensive in-house metallurgical and forging process competencies, Sheffield Operations can supply a wide range of products and reduces supply chain complexity for its customers, serving as a “one-stop-shop.”
“This transaction marks our second acquisition in 2022, strengthening our Engineering & Technology segment. We are happy to welcome ATI Sheffield into our portfolio, as a well-known supplier in the market with an excellent reputation for quality and services and multiple opportunities for operational improvement and growth,” comments Johannes Laumann, CIO of Mutares.
Mutares SE & Co. KGaA, Munich as a listed private equity holding company with offices in Munich (HQ), Amsterdam, Frankfurt, London, Madrid, Milan, Paris, Stockholm and Vienna, acquires small- and medium-sized companies and parts of groups in special situations with headquarters in Europe that show significant potential for operational improvement and are sold again after undergoing a repositioning and stabilization process.