Latest news with #Italy-based
Yahoo
12 hours ago
- Business
- Yahoo
Worthington Steel Completes Acquisition of Controlling Equity Stake in Italy-Based Sitem Group
COLUMBUS, Ohio, June 03, 2025--(BUSINESS WIRE)--Worthington Steel, Inc. (NYSE: WS) ("Worthington Steel" or the "Company") announced today that it has completed the acquisition of a controlling equity stake in Italy-based Sitem S.p.A. (together with its subsidiaries, Stanzwerk AG, Decoup S.A.S. and Sitem Slovakia spol. s r.o., "Sitem Group") through its subsidiary, Tempel Steel Company, LLC ("Tempel"). Worthington Steel now holds an approximately 52% stake in Sitem Group, with the option to increase ownership in the future. "This marks a significant step in our strategic growth plan, enhancing our position in the European electric motor lamination market and strengthening our ability to support global automotive, industrial motor and transformer customers," said Geoff Gilmore, Worthington Steel president and CEO. "Sitem Group shares our commitment to quality, innovation and customer focus, and we are excited to build on our shared success." Sitem Group, one of Europe's largest producers of electric motor laminations, operates six manufacturing facilities across Italy, Switzerland, Slovakia and France. The company will continue to be led by its existing leadership team, including Chairman Fabrizio Scarca, CEO Marco Bartoloni and Chief Purchasing Officer Gabriella Scarca, from its headquarters in Trevi, Italy. The transaction included a combination of cash investment, the acquisition of shares from existing shareholders and the contribution of Worthington Steel's Nagold, Germany facility. This strategic investment supports Worthington Steel's long-term goal of expanding its presence in high-value electrical steel applications. About Sitem S.p.A. Founded in 1974, Sitem Group is headquartered and has one of its manufacturing facilities in Trevi, Perugia, Italy with two additional manufacturing facilities of Sitem S.p.A. in Milan, Italy, of Stanzwerk AG in Unterentfelden, Switzerland, of Sitem Slovakia spol. s r.o in Spišská Nová Ves, Slovakia and of Decoup S.A.S. in Villenaux-La-Grande, France. About Worthington Steel Worthington Steel (NYSE:WS) is a metals processor that partners with customers to deliver highly technical and customized solutions. Worthington Steel's expertise in carbon flat-roll steel processing, electrical steel laminations and tailor welded solutions are driving steel toward a more sustainable future. As one of the most trusted metals processors in North America, Worthington Steel and its approximately 6,000 employees harness the power of steel to advance our customers' visions through value-added processing capabilities including galvanizing, pickling, configured blanking, specialty cold reduction, lightweighting and electrical lamination. Headquartered in Columbus, Ohio, Worthington Steel operates 38 facilities in seven states and 10 countries. Following a people-first Philosophy, commitment to sustainability and proven business system, Worthington Steel's purpose is to generate positive returns by providing trusted and innovative solutions for customers, creating opportunities for employees and strengthening its communities. Safe Harbor Statement This press release includes forward-looking statements, including forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements regarding the Company's proposed acquisition of a controlling equity stake in Sitem Group, the expected timeline for completing the transaction, the anticipated benefits of the transaction to the Company's business and financial results, strategies, outlook, prospects, plans, objectives, expectations, future events and other statements that are not historical or current fact. Forward-looking statements are based on the Company's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause the Company's results to differ materially from current expectations include, but are not limited to, risks and uncertainties regarding the Company's and Sitem Group's respective businesses and the proposed acquisition, and actual results may differ materially. These risks and uncertainties include, but are not limited to, (i) the ability of the parties to successfully complete the proposed acquisition on the anticipated terms and timing, including obtaining required regulatory approvals and other conditions to the completion of the acquisition, (ii) the financing arrangements relating to the acquisition, (iii) the effects of the transaction on the Company's and Sitem Group's operations, including on the combined company's future financial condition and performance, operating results, strategy and plans, including anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, losses, future prospects, and business and management strategies for the management, expansion and growth of the new combined company's operations, (iv) the potential impact of the announcement or consummation of the proposed acquisition on relationships with customers, suppliers and other third parties, and (v) the other factors detailed in the Company's reports filed with the U.S. Securities and Exchange Commission (the "SEC"), including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q under the caption "Risk Factors," as well as the other risks discussed in the Company's filings with the SEC. In addition, these statements are based on assumptions that are subject to change. This press release speaks only as of the date hereof. The Company disclaims any duty to update the information herein. View source version on Contacts Melissa DykstraVice PresidentCorporate Communications and Investor RelationsPhone: Sign in to access your portfolio
Business Wire
12 hours ago
- Business
- Business Wire
Worthington Steel Completes Acquisition of Controlling Equity Stake in Italy-Based Sitem Group
COLUMBUS, Ohio--(BUSINESS WIRE)--Worthington Steel, Inc. (NYSE: WS) ('Worthington Steel' or the 'Company') announced today that it has completed the acquisition of a controlling equity stake in Italy-based Sitem S.p.A. (together with its subsidiaries, Stanzwerk AG, Decoup S.A.S. and Sitem Slovakia spol. s r.o., 'Sitem Group') through its subsidiary, Tempel Steel Company, LLC ('Tempel'). Worthington Steel now holds an approximately 52% stake in Sitem Group, with the option to increase ownership in the future. 'This marks a significant step in our strategic growth plan, enhancing our position in the European electric motor lamination market and strengthening our ability to support global automotive, industrial motor and transformer customers,' said Geoff Gilmore, Worthington Steel president and CEO. 'Sitem Group shares our commitment to quality, innovation and customer focus, and we are excited to build on our shared success.' Sitem Group, one of Europe's largest producers of electric motor laminations, operates six manufacturing facilities across Italy, Switzerland, Slovakia and France. The company will continue to be led by its existing leadership team, including Chairman Fabrizio Scarca, CEO Marco Bartoloni and Chief Purchasing Officer Gabriella Scarca, from its headquarters in Trevi, Italy. The transaction included a combination of cash investment, the acquisition of shares from existing shareholders and the contribution of Worthington Steel's Nagold, Germany facility. This strategic investment supports Worthington Steel's long-term goal of expanding its presence in high-value electrical steel applications. About Sitem S.p.A. Founded in 1974, Sitem Group is headquartered and has one of its manufacturing facilities in Trevi, Perugia, Italy with two additional manufacturing facilities of Sitem S.p.A. in Milan, Italy, of Stanzwerk AG in Unterentfelden, Switzerland, of Sitem Slovakia spol. s r.o in Spišská Nová Ves, Slovakia and of Decoup S.A.S. in Villenaux-La-Grande, France. About Worthington Steel Worthington Steel (NYSE:WS) is a metals processor that partners with customers to deliver highly technical and customized solutions. Worthington Steel's expertise in carbon flat-roll steel processing, electrical steel laminations and tailor welded solutions are driving steel toward a more sustainable future. As one of the most trusted metals processors in North America, Worthington Steel and its approximately 6,000 employees harness the power of steel to advance our customers' visions through value-added processing capabilities including galvanizing, pickling, configured blanking, specialty cold reduction, lightweighting and electrical lamination. Headquartered in Columbus, Ohio, Worthington Steel operates 38 facilities in seven states and 10 countries. Following a people-first Philosophy, commitment to sustainability and proven business system, Worthington Steel's purpose is to generate positive returns by providing trusted and innovative solutions for customers, creating opportunities for employees and strengthening its communities. Safe Harbor Statement This press release includes forward-looking statements, including forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements regarding the Company's proposed acquisition of a controlling equity stake in Sitem Group, the expected timeline for completing the transaction, the anticipated benefits of the transaction to the Company's business and financial results, strategies, outlook, prospects, plans, objectives, expectations, future events and other statements that are not historical or current fact. Forward-looking statements are based on the Company's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause the Company's results to differ materially from current expectations include, but are not limited to, risks and uncertainties regarding the Company's and Sitem Group's respective businesses and the proposed acquisition, and actual results may differ materially. These risks and uncertainties include, but are not limited to, (i) the ability of the parties to successfully complete the proposed acquisition on the anticipated terms and timing, including obtaining required regulatory approvals and other conditions to the completion of the acquisition, (ii) the financing arrangements relating to the acquisition, (iii) the effects of the transaction on the Company's and Sitem Group's operations, including on the combined company's future financial condition and performance, operating results, strategy and plans, including anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, losses, future prospects, and business and management strategies for the management, expansion and growth of the new combined company's operations, (iv) the potential impact of the announcement or consummation of the proposed acquisition on relationships with customers, suppliers and other third parties, and (v) the other factors detailed in the Company's reports filed with the U.S. Securities and Exchange Commission (the 'SEC'), including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q under the caption 'Risk Factors,' as well as the other risks discussed in the Company's filings with the SEC. In addition, these statements are based on assumptions that are subject to change. This press release speaks only as of the date hereof. The Company disclaims any duty to update the information herein.
Fashion Network
a day ago
- Business
- Fashion Network
Authentic Brands inks new distribution deal for Reebok across North America and Europe
Authentic Brands Group announced on Monday a new distribution deal for its Reebok brand across North America and Europe. The New York-based brand management firm has tapped Slam Jam, a European premium lifestyle company, to expand Reebok's presence across the United States, Canada, Central, and Eastern Europe. Through the partnership, Slam Jam will work in close coordination with RDG, the Reebok's global design hub and supplier, ensuring the sportswear brand reaches consumers through key global retail partners, according to a press release. 'Slam Jam is a proven leader and tastemaker in the global fashion and streetwear space,' said Steve Robaire, EVP, Reebok at Authentic. 'Their history, credibility, and connection to top retail partners make them the ideal partner to help usher Reebok into its next era. This partnership reflects a complete rebirth of our strategy, bringing Reebok to market with a sharp cultural lens and the authenticity that Slam Jam has embodied for over three decades.' Founded by Luca Benini in 1989, Italy-based Slam Jam has introduced several global brands to Europe, evolving into a retail player that intersects underground culture and high fashion. 'We are thankful and excited to embark on this journey together with Authentic and Reebok. The brand has been pushing the edges of culture through sport and lifestyle for generations, giving voice to local and global movements with impact,' said Benini. Last month, Reebok announced the appointment of Jide Osifeso to the role of head of basketball.
Fashion Network
a day ago
- Business
- Fashion Network
Authentic Brands inks new distribution deal for Reebok across North America and Europe
Authentic Brands Group announced on Monday a new distribution deal for its Reebok brand across North America and Europe. The New York-based brand management firm has tapped Slam Jam, a European premium lifestyle company, to expand Reebok's presence across the United States, Canada, Central, and Eastern Europe. Through the partnership, Slam Jam will work in close coordination with RDG, the Reebok's global design hub and supplier, ensuring the sportswear brand reaches consumers through key global retail partners, according to a press release. 'Slam Jam is a proven leader and tastemaker in the global fashion and streetwear space,' said Steve Robaire, EVP, Reebok at Authentic. 'Their history, credibility, and connection to top retail partners make them the ideal partner to help usher Reebok into its next era. This partnership reflects a complete rebirth of our strategy, bringing Reebok to market with a sharp cultural lens and the authenticity that Slam Jam has embodied for over three decades.' Founded by Luca Benini in 1989, Italy-based Slam Jam has introduced several global brands to Europe, evolving into a retail player that intersects underground culture and high fashion. 'We are thankful and excited to embark on this journey together with Authentic and Reebok. The brand has been pushing the edges of culture through sport and lifestyle for generations, giving voice to local and global movements with impact,' said Benini. Last month, Reebok announced the appointment of Jide Osifeso to the role of head of basketball.
Yahoo
a day ago
- Business
- Yahoo
Reebok Taps Slam Jam as Partner in Europe, North and Central America
Authentic Brands Group is partnering with Slam Jam to increase the exposure of its Reebok brand in Europe as well as North and Central America. As part of the deal, the Italy-based streetwear company will work with the Reebok Design Group, the brand's global design organization, to expand the brand's reach and product offering with retailers around the world. More from WWD 'Power Moves' on Netflix: Behind Shaq's Bold Quest to Revive Reebok With Allen Iverson Angel Reese's First Reebok Basketball Sneaker Is Coming in Just a Matter of Days Rockport's Headed to the UK and Ireland 'We are thankful and excited to embark on this journey together with Authentic and Reebok,' said Luca Benini, founder of Slam Jam. 'The brand has been pushing the edges of culture through sport and lifestyle for generations, giving voice to local and global movements with impact.' Founded by Benini in 1989, Slam Jam has been a pioneer in streetwear and sneaker culture and was instrumental in introducing global brands to the European market. 'Slam Jam is a proven leader and tastemaker in the global fashion and streetwear space,' said Steve Robaire, executive vice president of Reebok. 'Their history, credibility, and connection to top retail partners make them the ideal partner to help usher Reebok into its next era. This partnership reflects a complete rebirth of our strategy, bringing Reebok to market with a sharp cultural lens and the authenticity that Slam Jam has embodied for over three decades.' Reebok had previously worked with New Guards Group which had operated the European operations of Reebok's branded stores and e-commerce and worked to build wholesale distribution of the brand there. It was also the exclusive partner to create and distribute high-end collaboration products in more than 50 countries, including the U.S., Canada and throughout Europe. But the deal soured and Authentic terminated that relationship last fall after NGG cited 'unfavorable economic terms' with the licensing deal. That opened the door for the Slam Jam partnership. Two weeks after losing the Reebok license, New Guards Group filed for Chapter 11-style proceedings in Italy. Authentic owns more than 50 brands globally that generate some $32 billion in annual retail sales. In addition to Reebok, it also owns Champion, Nautica, Sports Illustrated, Brooks Brothers, Vince Camuto, Sperry, Hunter and Ted Baker. Best of WWD All the Retailers That Nike Left and Then Went Back Mikey Madison's Elegant Red Carpet Shoe Style [PHOTOS] Julia Fox's Sleekest and Boldest Shoe Looks Over the Years [Photos] Sign in to access your portfolio
