Mitsubishi Heavy Industries (MHI) and Primetals Technologies will acquire ABP from CM Acquisitions, a Chicago-based private equity firm. MHI and Primetals Technologies will jointly take ABP’s shares. Future business activities will be conducted in close cooperation with and under the leadership of Primetals Technologies. The completion of the acquisition of ABP is subject to the approval of the relevant authorities.
ABP exclusively provides special induction heaters to Primetals Technologies for endless strip production, which helps provide a competitive edge.
“ABP’s induction heaters are one of the most crucial elements for endless strip production, a flagship process for Primetals Technologies. With ABP becoming one of MHI’s group companies and the further close ties that will bring, we can develop and provide customers with even more advanced technologies. Also, with the acquisition of ABP, we combine its competence in induction heating and related activities with our know-how as a worldwide engineering, plant-building, lifecycle services and digitalisation partner for the metals industry,” said Satoru Iijima, Chairman of the Board and CEO of Primetals Technologies.
“ABP’s well-experienced portfolio and its know-how will certainly complement our wide range of customer plants, namely mini mills and long rolling plants, especially in emerging markets, as well as in endless strip production.”
Till Schreiter, CEO of ABP, added: “ABP’s state-of-art induction products and technology-driven culture will fit well with both shareholders. Through a closer tie-up with MHI and Primetals Technologies, ABP can pursue further growth potentials, which will also lead to a contribution to them.”
With MHI and Primetals Technologies, ABP has access to their resources worldwide, which will improve ABP’s global market presence, provide opportunities to develop new business sectors, and drive digitalisation.
“This will assure long-term stability for our facilities, employees and customers.”
ABP will be a group company of MHI under the ownership of Mitsubishi Heavy Industries America, Inc., headquartered in Houston, Texas, USA and Primetals Technologies USA LLC, Alpharetta, Georgia, USA.
For further information visit www.abpinduction.com
