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Worthington Steel inks deal for controlling stake in Italy's Sitem

Written by Ethan Bernard

December 3, 2024

Worthington Steel has agreed to acquire a controlling equity stake in Italy’s Sitem SpA, a producer of electric motor laminations.

The Columbus, Ohio-based steel processor will make the acquisition through its Tempel Steel Co. subsidiary. The deal includes Sitem subsidiaries Stanzwerk AG, Decoup SAS, and Sitem Slovakia. Collectively known as the Sitem Group, the companies make electric motor laminations and accessory products for automotive and industrial applications in Europe.

Through the transaction, Worthington will take a ~52% stake in Sitem Group, with an option to increase ownership in the future.

The deal is expected to close in early 2025, subject to applicable regulatory approvals and customary closing conditions. Further terms were not disclosed.

Gilmore lauds deal

“This investment aligns with our strategic goal to grow our electrical steel lamination business and expand our customer reach,” Geoff Gilmore, Worthington president and CEO, said in a statement on Tuesday.

“Sitem Group brings 50 years of experience and is one of the largest producers of electric motor laminations in Europe,” he added.

Gilmore noted the leadership teams of both companies bring valuable expertise and relationships toward the expansion of its “global automotive programs in the production of electric vehicles and hybrids.”

Sitem details

Sitem Group has six facilities in Europe: in Italy (three), Switzerland, Slovakia, and France.

Company leadership, including Chairman Fabrizio Scarca, CEO Marco Bartoloni, and Chief Purchasing Officer Gabriella Scarca, will continue at the headquarters in Trevi, Italy.

Ethan Bernard

Ethan Bernard is a reporter and editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

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