US based Worthington Industries Inc announced that its Steel Processing segment has completed its acquisition of Tempel Steel Company, a leading global manufacturer of precision motor and transformer laminations for the electrical steel market that includes transformers, machine motors and electric vehiclemotors. The purchase price was approximately USD 255 million and adds five manufacturing facilities located in Chicago, Canada, China, India and Mexico.With over 70 years of experience, Tempel Steel Company is a leading independent manufacturer of precision magnetic steel laminations for autos, motors, generators, transformers and beyond.The transaction, funded primarily with existing cash, includes Tempel's headquarters and manufacturing operations in Chicago with additional manufacturing facilities in Burlington, Canada, Changzhou, China, Chennai, India and Monterrey, Mexico and adds 1,500 employees.Founded in 1955, Worthington is North America's premier value-added steel processor and producer of laser welded solutions and electrical steel laminations that provide lightweighting, safety critical and emission reducing components to the mobility market. Headquartered in Columbus, Ohio, Worthington operates 58 facilities in 16 states and nine countries, sells into over 90 countries and employs approximately 9,500 people.
US based Worthington Industries Inc announced that its Steel Processing segment has completed its acquisition of Tempel Steel Company, a leading global manufacturer of precision motor and transformer laminations for the electrical steel market that includes transformers, machine motors and electric vehiclemotors. The purchase price was approximately USD 255 million and adds five manufacturing facilities located in Chicago, Canada, China, India and Mexico.With over 70 years of experience, Tempel Steel Company is a leading independent manufacturer of precision magnetic steel laminations for autos, motors, generators, transformers and beyond.The transaction, funded primarily with existing cash, includes Tempel's headquarters and manufacturing operations in Chicago with additional manufacturing facilities in Burlington, Canada, Changzhou, China, Chennai, India and Monterrey, Mexico and adds 1,500 employees.Founded in 1955, Worthington is North America's premier value-added steel processor and producer of laser welded solutions and electrical steel laminations that provide lightweighting, safety critical and emission reducing components to the mobility market. Headquartered in Columbus, Ohio, Worthington operates 58 facilities in 16 states and nine countries, sells into over 90 countries and employs approximately 9,500 people.
