Worthington Industries Acquires Tempel Steel Company

Worthington Steel Completes Acquisition of Controlling Equity Stake in Sitem Group

June 3, 2025

Industrial Services

Worthington Steel (through its subsidiary Tempel Steel Company, LLC) completed the acquisition of a controlling ~52% equity stake in Italy-based Sitem Group (Sitem S.p.A. and subsidiaries). The deal combines a cash investment, the acquisition of shares from existing shareholders, and the contribution of Worthington Steel’s Nagold, Germany facility, with an option for Worthington Steel to increase its ownership in the future.

Worthington Steel to Acquire Kloeckner & Co in $2.4 Billion Cash Deal

January 15, 2026

Industrial Services

Worthington Steel entered into a business combination agreement to acquire Germany-listed Kloeckner & Co via an all-cash voluntary tender offer at €11.00 per share. The deal is expected to create a larger, more diversified metals processing platform and make Worthington Steel the No. 2 steel service center company in North America by revenue.

Tinicum L.P. Acquires Controlling Interest in Watlow

March 2, 2021

Manufacturing

Tinicum L.P. and affiliated funds managed by Tinicum Incorporated have acquired a controlling interest in Watlow, the St. Louis–headquartered designer and manufacturer of thermal systems. Financial terms were not disclosed; Desloge family shareholders and management will remain minority owners while Tinicum will support Watlow's international expansion, technology investments (Industry 4.0) and growth through strategic acquisitions.

Watlow Signs Agreement to Acquire Eurotherm from Schneider Electric

June 8, 2022

Industrial Services

Watlow, an industrial thermal systems manufacturer, signed an agreement to acquire Eurotherm from Schneider Electric. The terms were not disclosed. The companies expect to combine Eurotherm’s temperature/power/process controls and software capabilities with Watlow’s thermal systems focus to better serve shared industrial markets and expand globally.

Watsco and Carrier Acquire Temperature Equipment Corporation

March 16, 2021

HVAC & Mechanical

Watsco, Inc., together with Carrier Global Corporation, signed an agreement to acquire Temperature Equipment Corporation (TEC) for Watsco to own 80% and Carrier 20%. TEC is a Chicago/Lansing, Illinois–based HVAC distributor with $291 million in 2020 sales, ~10,000 customers and 32 Midwest locations; the deal expands Watsco's footprint into the U.S. Midwest.

Worthington Enterprises Acquires Elgen Manufacturing from MFG Partners

June 26, 2025

Building Products

Worthington Enterprises (NYSE: WOR) has acquired Elgen Manufacturing Company, a Closter, New Jersey-based maker of HVAC ductwork components, from private equity owner MFG Partners. The acquisition expands Worthington Enterprises’ building systems and components portfolio and is intended to accelerate Elgen’s ability to serve customers and support growth initiatives launched under MFG’s ownership.