# Worthington Industries to acquire Tempel Steel for $255M

Worthington Industries' Steel Processing segment signed an agreement to acquire Tempel Steel Company, a manufacturer of precision motor and transformer laminations, for approximately $255 million.

- Type: Acquisition
- Announced: 2021-11-01
- Where: Chicago, United States
- Value: $255.0M
- Jobs: 1,500
- Status: announced
- Products: precision motor laminations, transformer laminations, electrical steel laminations
- Sectors: [Steel and Metal Products](https://endata.com/sectors/steel-metal-products.md), [Automotive Components](https://endata.com/sectors/automotive-components.md), [Electrical Equipment](https://endata.com/sectors/electrical-equipment.md)

## Companies

- [Worthington Industries](https://endata.com/companies/3706.md) (acquirer)
- [Tempel Steel Company](https://endata.com/companies/58339.md) (target)

## Sources

- [ir.worthingtonenterprises.com](https://ir.worthingtonenterprises.com/news/news-details/2021/Worthington-Industries-To-Purchase-Electrical-Steel-Company-Tempel-Steel/default.aspx), 2021-11-01: "Acquiring Tempel will immediately make us a market leader in the rapidly growing electrical steel market"
- [globenewswire.com](https://www.globenewswire.com/news-release/2021/11/01/2324484/0/en/Worthington-Industries-To-Purchase-Electrical-Steel-Company-Tempel-Steel.html), 2021-11-01: "Acquiring Tempel will immediately make us a market leader in the rapidly growing electrical steel market that includes transformers, machine motors and electric vehicle (EV) motors."
- [globenewswire.com](https://www.globenewswire.com/news-release/2021/11/01/2324484/0/en/worthington-industries-to-purchase-electrical-steel-company-tempel-steel.html), 2021-11-01: "Acquiring Tempel will immediately make us a market leader in the rapidly growing electrical steel market that includes transformers, machine motors and electric vehicle (EV) motors."
- [chicagobusiness.com](https://www.chicagobusiness.com/manufacturing/chicago-manufacturer-tempel-steel-being-bought-worthington-industries/), 2021-11-01: "Chicago manufacturer Tempel Steel being bought by Worthington Industries"
- [ir.worthingtonenterprises.com](https://ir.worthingtonenterprises.com/news/news-details/2021/Worthington-Industries-Acquires-Tempel-Steel-Company/default.aspx), 2021-12-01: "The addition of Tempel makes us a world leader in the rapidly growing electrical steel market that includes transformers, machine motors and electric vehicle motors."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.