Worthington Steel to Acquire Controlling Equity Stake in Italy-Based Sitem Group; Electric Steel Laminations

Worthington Steel has reached an agreement to acquire, through its subsidiary Tempel Steel Company, a controlling equity stake in Italy-based Sitem S.p.A. (together with its subsidiaries, Stanzwerk AG, Decoup S.A.S. and Sitem Slovakia spol. s r.o., Sitem Group). Sitem Group produces electric motor laminations and accessory products for automotive and industrial applications in Europe.

Worthington Steel will acquire, through the acquisition of shares from existing shareholders of Sitem Group, the contribution of Worthington Steel’s Nagold, Germany, facility and the subscription of reserved share capital increases, an approximately 52% stake in Sitem Group with the option to increase ownership in the future. The transaction is expected to close in early 2025, subject to the receipt of applicable regulatory approvals and customary closing conditions.

Establishing a strong presence in Europe, a key and rapidly growing region for the electric vehicle market, is a vital component of Worthington’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.

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.