ParkOhio signed a definitive agreement with Milan, Italy-based Star Capital SGR S.p.A. and other minority shareholders to acquire Saet S.p.A for approximately $22.9 million. Saet is a leader in the design, manufacturing and testing of induction heating equipment and heat-treating solutions. The company operates locations in Italy, China, India and the U.S. (Tennessee). According to ParkOhio, Saet’s locations complement its Ajax Tocco Magnethermic (ATM) locations. The transaction is expected to close by Dec. 22.

Saet machines are used for hardening, tempering and annealing for various industrial applications in the agricultural, automotive and renewable energy markets. This acquisition strengthens ATM’s position as a global leader of induction products, and it will add key technologies to ATM’s portfolio of induction machine capabilities. Cleveland, Ohio-based ParkOhio operates 44 manufacturing sites and 55 supply-chain logistics facilities. ATM designs and manufactures induction heating and melting equipment for various industries and applications worldwide.