Worthington Acquires Italian Laminations Company
By
Metal Center News Staff on
Dec 4, 2024Worthington Steel Inc. , Columbus, Ohio, will acquire a controlling equity stake in Italy’s Sitem S.p.A., including its subsidiaries Stanzwerk AG, Decoup S.A.S. and Sitem Slovakia spol. s r.o. The acquisition of the Sitem Group is being made through Worthington’s subsidiary, Tempel Steel Company.
Sitem Group produces electric motor laminations and accessory products for automotive and industrial applications in Europe. Worthington Steel will acquire approximately a 52 percent stake in Sitem Group with the option to increase ownership in the future. The transaction is expected to close in early 2025.
“This investment aligns with our strategic goal to grow our electrical steel lamination business and expand our customer reach,” said Geoff Gilmore, Worthington Steel president and CEO. “Sitem Group brings 50 years of experience and is one of the largest producers of electric motor laminations in Europe. The Worthington Steel and Sitem Group leadership teams bring valuable expertise and relationships to spearhead the expansion of our global automotive programs in the production of electric vehicles and hybrids.”
Establishing a strong presence in Europe, a key and rapidly growing region for the electric vehicle market, is a vital component of the company's strategy to leverage this emerging global trend. This investment marks another significant step in Worthington Steel’s plan while meeting customer expectations for comprehensive global manufacturing and technical support, the company said.
Sitem Group operates six facilities in Europe including Italy (three), Switzerland, Slovakia and France. Sitem’s leadership, including Chairman Fabrizio Scarca, CEO Marco Bartoloni and Chief Purchasing Officer Gabriella Scarca, will continue to lead the business from the Sitem Group headquarters in Trevi, Italy.
“We are excited to partner with Worthington Steel,” said Sitem Group CEO Marco Bartoloni. “This investment and partnership will enable us to better serve global automotive and industrial motor customers. Their philosophy aligns with our values and is a great fit for our employees.”