A manufacturer of induction furnaces and heating systems is scheduled to be acquired by two global corporations from a Chicago-based private equity firm.
Mitsubishi Heavy Industries (MHI) and Primetals Technologies will acquire ABP Induction Systems (ABP), which offers a variety of products and services to automotive OEMs and suppliers, industrial manufacturers, independent foundries as well as steel plant manufacturers and steel producers.
“ABP’s induction heaters are one of the most crucial elements for endless strip production, a flagship process for Primetals Technologies. With ABP becoming one of MHI’s group companies and the further close ties that will bring, we can develop and provide customers with even more advanced technologies,” said Satoru Iijima, Chairman of the Board and CEO of Primetals Technologies.
ABP will be a group company of MHI under the ownership of Mitsubishi Heavy Industries America, Inc., headquartered in Houston, Texas, and Primetals Technologies USA LLC, of Alpharetta, Georgia. The acquisition is planned to close around the end of August 2019.
