Mutares acquires ATI’s Sheffield Operations
Munich, 3 March 2022 – Mutares SE & Co. KGaA (ISIN: DE000A2NB650) has signed an agreement to acquire the Sheffield Operations of Allegheny Technologies Incorporated (ATI).
This acquisition will strengthen the Engineering & Technology segment as a new platform investment. The closing of the transaction is expected by the end of the first quarter of 2022, subject to the satisfaction of customary regulatory approvals and other conditions. Rebranding of the entity as Special Melted Products Limited will follow.
The operation is located in Sheffield, UK, employs around 190 people and has expected revenues of approx. EUR 80 million for 2022. ATI Sheffield utilises Vacuum Induction Melting (VIM), secondary remelting and rotary precision forging to produce a range of high integrity products in low alloy steels, stainless steels and nickel-based super alloys. Through its extensive in-house metallurgical and forging process competencies, the Sheffield Operations can supply a wide range of products and reduce supply chain complexity for its customers, serving as a “one-stop-shop.”
“This transaction marks our second acquisition in 2022, strengthening our Engineering & Technology segment. We are happy to welcome ATI Sheffield into our portfolio, as a well-known supplier in the market with an excellent reputation for quality and services and multiple opportunities for operational improvement and growth,” comments Johannes Laumann, CIO of Mutares.