Acquisition of Mi-Tech Tungsten Metals

Plansee Group expands position in North America

The Plansee Group headquartered in Reutte/Austria has signed a definitive agreement to acquire the US company Mi-Tech Tungsten Metals in Indianapolis on December 22, 2021. Mi-Tech is considered one of the leading suppliers of tungsten-based products in the US and employs nearly 100 people.

"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," says Karlheinz Wex, Spokesman for the Plansee Group Executive Board. Mi-Tech was founded in 1978, has been owned by the Bir family since 1994 and manufactures high-precision ready-to-use tungsten composite products and components for industries such as energy, engineering, and aerospace.

"These tungsten products offer a unique combination of density, mechanical strength and shielding effect," says Dr. Wolfgang Köck, Executive Board Member of Plansee Group. Many complex products are manufactured via the powder metallurgy production route.

The Plansee Group is buying Mi-Tech through its US subsidiary Global Tungsten & Powders (GTP). GTP specializes in the production of tungsten powder, the starting material for tungsten products. "Mi-Tech will benefit from the fact that GTP, as a leading Western supplier, guarantees security of supply for tungsten powders," says Karlheinz Wex. Much of the tungsten today is already obtained through recycling.

The two private companies, Plansee Group and Mi-Tech have agreed not to disclose the financial details of the transaction. The acquisition is still subject to regulatory approvals.

 

About Mi-Tech Tungsten

Metals Mi-Tech Tungsten Metals has been manufacturing ready-to-install tungsten composite products and components for industries such as energy, engineering, and aerospace since 1978.

Mi-Tech's corporate headquarters are in Indianapolis, Indiana. There, production, quality control sales and customer service are all under one roof in an 85,000-square-foot facility. Production offers all common powder metallurgical manufacturing processes. Machining includes grinding, turning and milling to realize customer specifications quickly, precisely and in high quality.

www.mttm.com

 

About the Plansee Group

The Plansee Group specializes in products made from the materials molybdenum and tungsten, covering the entire value chain – from ore concentrate to customized tools and components. The portfolio includes more than 75,000 different products and tools. The Plansee Group thus enables high-tech devices for everyday use such as smartphones as well as sustainable and efficient solutions for mobility, energy supply and industrial manufacturing.

With its Plansee High Performance Materials and Ceratizit business areas, as well as its stake in Molymet, the Plansee Group is one of the world's leading powder metallurgy industrial companies.

In fiscal year 2020/21, the Plansee Group achieved consolidated sales of 1.29 billion euros with 7,535 employees. The Plansee Group portfolio (all shareholdings with more than 20 percent added together) achieved sales of 2.55 billion euros with 13,436 employees. The fiscal year ends with the last day of February.

www.plansee-group.com