Worthington Steel, Inc. (“Worthington Steel” or the “Company”) announced last December that it has reached an agreement to acquire through its subsidiary, Tempel Steel Company, LLC (“Tempel”), 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.
A strong presence in the European vehicle market
«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.
Six facilities in Europe
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 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.»
Latham & Watkins LLP served as an legal counsel to Worthington Steel on the transaction. Sitem was advised by UniCredit as financial advisor, Antonello Marcucci as senior advisor and Bird & Bird as legal counsel.
About Sitem S.p.A.
Founded in 1974, Sitem Group is headquartered and has one of its manufacturing facilities in Trevi, Perugia, Italy with two additional manufacturing facilities of Sitem S.p.A. in Milan, Italy, of Stanzwerk AG in Unterentfelden, Switzerland, of Sitem Slovakia spol. s r.o in Spišská Nová Ves, Slovakia and of Decoup S.A.S. in Villenaux-La-Grande, France.
About Worthington Steel
Worthington Steel is a metals processor that partners with customers to deliver highly technical and customized solutions. Worthington Steel’s expertise in carbon flat-roll steel processing, electrical steel laminations and tailor welded solutions are driving steel toward a more sustainable future.
As one of the most trusted metals processors in North America, Worthington Steel and its approximately 5,000 employees harness the power of steel to advance our customers’ visions through value-added processing capabilities including galvanizing, pickling, configured blanking, specialty cold reduction, lightweighting and electrical lamination. Headquartered in Columbus, Ohio, Worthington Steel operates 32 facilities in seven states and six countries. Following a people-first Philosophy, commitment to sustainability and proven business system, Worthington Steel’s purpose is to generate positive returns by providing trusted and innovative solutions for customers, creating opportunities for employees and strengthening its communities.
The advantages of Worthington Steel and Sitem Group partnership
The Worthington Steel and Sitem Group teams wait for you at Coiltech Deutschland 2025, to show you their valuable expertise in electrical steel lamination business for the production of electric vehicles and hybrids.
Explore the advantages of this collaboration! Come and visit us at Coiltech Deutschland, March 26-27, 2025, Augsburg, Hall 1 – A22
