Worthington Steel Acquires Controlling Stake in Sitem Group

Worthington Steel Inc. (NYSE:WS) is one of the cheap new stocks to buy according to analysts. On June 3, Worthington Steel completed the acquisition of a controlling equity stake, ~52%, in Italy-based Sitem Group through its subsidiary called Tempel Steel Company, LLC. The acquisition includes Sitem Group’s subsidiaries Stanzwerk AG, Decoup S.A.S., and Sitem Slovakia spol. s.r.o., and grants Worthington Steel the option to increase its ownership in the future.

The move enhances Worthington Steel’s position in the European electric motor lamination market and strengthens its capacity to serve global automotive, industrial motor, and transformer customers. Worthington Steel’s President and CEO, Geoff Gilmore, emphasized that Sitem Group aligns with the company’s commitment to quality, innovation, and customer focus.

Worthington Steel Acquires Controlling Stake in Sitem Group

An industrial setting with an array of stainless steel pipes and connections with workers in the background.

The transaction involved a combination of cash investment, the acquisition of shares from existing shareholders, and the contribution of Worthington Steel’s Nagold, Germany facility. The investment supports Worthington Steel’s long-term objective of expanding its presence in high-value electrical steel applications.

Worthington Steel Inc. (NYSE:WS) is a steel processor in North America. It offers carbon flat-rolled steel and tailor-welded blanks, as well as automotive and electrical steel lamination stampings, along with aluminum tailor-welded blanks.

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Disclosure: None. This article is originally published at Insider Monkey.