Ohio-based AK Steel has announced the acquisition of Precision Partners Holding Co. for $360 million in cash. Precision Partners is headquartered in Ontario, and employs more than 1,000 employees across eight plants in Ontario, Alabama and Kentucky.
Precision Partners specializes in the design and engineering of tooling and die making, and the stamping of complex, hard-to-manufacture automotive components, with a broad portfolio of highly engineered solutions. The acquisition expands AK Steel’s focus on the growing automotive lightweight, high strength steels.
"The acquisition of Precision Partners underscores AK Steel's commitment to expand our portfolio of high-value products and processes," said Roger Newport, CEO of AK Steel. AK Steel intends to finance the acquisition with a combination of debt and equity securities. The transaction is expected to close during the third quarter of 2017.