AK Steel to Acquire Precision Partners
AK Steel signed an agreement to acquire Precision Partners Holding Co., a North American automotive market company that provides engineering, tooling, die design and hot- and cold-stamped steel parts, for $360 million. Ontario-based Precision Partners employs more than 1,000, including about 300 engineers and skilled toolmakers, across eight plants in Ontario, Alabama and Kentucky. The acquisition leverages AK Steel's research and innovation in materials and metals forming and Precision Partners’ technology and advanced capabilities in tooling and stamping. The deal is expected to close during the third quarter of 2017.