Ohio-based AK Steel recently announced that it has signed an agreement to acquire Precision Partners Holding Company, a leading North American automotive market company that provides engineering, tooling, die design and hot and cold stamped steel parts, for USD $360 million in cash.
Precision Partners is headquartered in Ontario and employs more than 1,000 employees, including about 300 engineers and skilled tool makers, across eight plants in Ontario, Alabama and Kentucky.
“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,” said Roger Newport, Chief Executive Officer of AK Steel.