The Japanese Resonac Corporation (previously called Showa Denko) will exercise its option to purchase 50 percent of the shares of the Mexican company AMI Automation, specialized in electric arc furnace (EAF) optimization services and will own 100 percent of the shares of the company located in Monterrey, Nuevo Leon, the company reported today in a statement.
“Resonac will acquire the remaining 50 percent to complete the acquisition of 100 percent of AMI's shares. Resonac plans to complete this procedure in the third quarter of 2023," the company said in a statement.
In February 2021, Showa Denko (renamed by merger from January 2023 to Resonac Corporation) acquired 50 percent of the shares of AMI Automation and signed the clause to acquire the remaining 50 percent of the shares within five years from that date.
According to the Japanese company, AMI Automation provides software and services to optimize the operation of EAFs, used by the steel industry.
“In North America, where the EAF market is expected to expand further, about 90 percent of EAF steel is produced using AMI Automation software. This demonstrates the fact that AMI is recognized as a leader in world-class innovation," the company reported.
In 2021 as now, the financial terms were not disclosed, nor were the names of the selling shareholders.