Mitsubishi acquires 100% of steel mill manufacturer Primetals
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A rendering of Primetals' facility in Sutton
Steel mill manufacturer Primetals, which has a large presence in Central Massachusetts, will soon be entirely owned by Mitsubishi Heavy Industries after the Japanese company said Tuesday it is acquiring the 49% stake it does not own.
That portion of the U.K.-based company is currently owned by Siemens, a German industrial manufacturing company. Mitsubishi will acquire that stake, with an anticipating closing date in early 2020.
The transaction will end about five years of a partnership between the two companies, which began in 2015 when Mitsubishi acquired 51% of Siemens VAI Metals Technologies and established Primetals Technologies.
Financial details of the transaction were not disclosed.
Siemens in 2008 acquired the former Morgan Construction Co., which was founded in Worcester in 1888.
Locally, Primetals is building a $28-million, $183,000-square-foot facility in Sutton to consolidate the company’s Worcester operations from two older facilities.
Takashi Ishizuka, Mitsubishi Heavy Industry’s president and CEO of industry and infrastructure, said Siemens has made an enormous contribution to the company since the merger.
“Primetals Technologies has been able to establish a highly successful business through Siemens' strong leadership and deep experience in the industrial machinery business,” Ishizuka said. “MHI expects that Primetals Technologies will build on these foundations and strengthen its business in the future."
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