The Plansee Group, headquartered in Reutte, Austria, has signed a definitive agreement to acquire Mi-Tech Tungsten Metals, Indianapolis, Indiana, USA. Mi-Tech was founded in 1978 and is now considered one of the leading suppliers of tungsten-based products in the country. The company employs nearly 100 people and manufactures high-precision, ready-to-use tungsten composite products and components for a variety of sectors, including energy, engineering and aerospace.
The Plansee Group is buying Mi-Tech through its US subsidiary Global Tungsten & Powders (GTP) which specialises in the production of tungsten powder.
“With the acquisition of Mi-Tech, we are further expanding our market position for tungsten products in North America. Customers will benefit from a broader range of products and services in the future,” stated Karlheinz Wex, spokesman for the Plansee Group Executive Board. “Mi-Tech will benefit from the fact that GTP, as a leading Western supplier, guarantees security of supply for tungsten powders.”
Mi-Tech’s headquarters house its corporate office (including customer service), production facilities and quality control. In addition to Powder Metallurgy manufacturing, the company has grinding, turning and milling capabilities.
The companies have agreed not to disclose the financial details of the transaction. The acquisition is still subject to regulatory approvals.