NAS to Acquire Haynes International
By Metal Center News Staff
on Feb 8, 2024
North American Stainless will acquire Haynes International Inc., a Kokomo, Ind.-based developer, manufacturer and marketer of technologically advanced high-performance alloys. The all-cash transaction was estimated at approximately $970 million.
As part of this transaction, NAS’s parent company Acerinox has committed to investing an additional $200 million into its U.S. operations, including $170 million into Haynes’ operations. Headquartered in Madrid, Acerinox is a leader in manufacturing stainless steel and high-performance alloys and its subsidiary, North American Stainless, is the largest fully integrated stainless-steel company in the U.S.
“We are excited to announce this combination and are confident that this is the right step to ensure the long-term success of Haynes, while maximizing value for our stockholders,” said Michael L. Shor, president and CEO of Haynes. “By joining with Acerinox, we will be able to continue to grow and enhance our operations, especially with the additional $200 million investment into the combined company’s U.S. operations, including $170 million into our operations with the vast majority invested in Kokomo.”
“This transaction provides a highly attractive value for our company and our stockholders and is a direct result of Haynes’ continued innovation and business accomplishments under the leadership of Michael Shor, his team and our dedicated workforce,” said Robert H. Getz, chairman of the board of Haynes. “Acerinox is a great partner for the future of Haynes with access to additional capital, resources and expertise to continue to build on our existing momentum.”