CHICAGO, Dec. 8, 2021 /PRNewswire/ -- The sale of Tempel Steel Company to Worthington Industries closed on Dec. 1, Tempel Holdings Inc. announced. Worthington Industries purchased Tempel Steel Company for a base purchase price, as defined in the agreement, of $295 million, reduced by approximately $40 million of liabilities which were assumed by the buyer.
"There are great synergies between these two organizations," said Christopher Stephan, president and chairman of Tempel Holdings Inc. "Tempel Steel Company will add its advanced motor and transformer lamination manufacturing techniques and expertise to Worthington Industries' robust portfolio of industrial manufacturing capabilities."
Headquartered in Chicago, Tempel Steel Company is one of the world's leading manufacturers of precision motor and transformer laminations. It was founded in 1945 by Tempel Smith. Today, it has 1,500 employees and manufacturing facilities in Canada, China, India and Mexico, in addition to its facility in Chicago.
"On behalf of Tempel Smith's descendants and Tempel Holdings Inc., I can say that it was difficult to part with the company," Stephan said. "However, we are optimistic about the future of Tempel Steel Company as part of Worthington Industries. We are confident that Worthington will respect and preserve Tempel's rich legacy while fueling its next stage of innovation and growth."
SOURCE Tempel Holdings Inc.