AK Acquires Automotive Market Company
By Metal Center News Staff
on Jul 5, 2017
AK Steel will purchase Precision Partners Holding Company, a Canada-based automotive market company that provides engineering, tooling, die design and hot and cold-stamped steel parts, for $360 million. The company has eight facilities, in Ontario, Alabama and Kentucky.
AK Steel says the acquisition will advance the company’s focus on the high-growth automotive lightweighting space and its position in advanced high-strength steels; strengthens collaboration with automotive market customers; and leverages AK’s research and innovation in materials and metalforming combined with Precision Partners’ technology and capabilities in tooling and stamping.
“The acquisition of Precision Partners underscores AK Steel's commitment to expand our portfolio of high-value products and processes," says Roger Newport, CEO of AK Steel. "This acquisition will combine the best of both companies, bringing AK Steel's innovation in materials and manufacturing together with Precision Partners' tooling and stamping knowledge and technology, to create a differentiated, innovative leader in the steel industry.”
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 portfolio of engineered solutions.