Worthington to acquire majority stake in Italy’s Sitem
Worthington Steel is acquiring a controlling interest in Italy’s Sitem SpA through subsidiary Tempel Steel Co, Kallanish learns.
In a statement, Worthington says it will own 52% of Sitem, a producer of automotive and industrial electric motor laminations and accessories.
Geoff Gilmore, Worthington Steel’s president and chief executive, explains that the Columbia, Ohio-based metals processor entered into the agreement to increase its exposure to the automotive market.
“This investment aligns with our strategic goal to grow our electrical steel lamination business and expand our customer reach. Sitem Group brings 50 years of experience and is one of the largest producers of electric motor laminations in Europe. The Worthington Steel and Sitem Group leadership teams bring valuable expertise and relationships to spearhead the expansion of our global automotive programs in the production of electric vehicles and hybrids,” states Gilmore.
“We are excited to partner with Worthington Steel,” adds Marco Bartoloni, ceo of Sitem Group. “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.”
As the deal currently stands, Worthington is acquiring shares from Sitem Group’s existing shareholders and transaction is expected to close in early 2025, subject to the receipt of applicable regulatory approvals and customary closing conditions.
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.
Sitem Group operates six facilities across Europe: three in Italy, and one each in Switzerland, Slovakia and France.
Kristen DiLandro USA
