Mutares SE & Co. KGaA $MUX (-0.25%) has successfully completed the acquisition of Greer Steel Company ("Greer Steel"), a leading supplier of cold-rolled steel strip based in Dover, Ohio, USA, from Greer Industries, Inc.
The transaction is an important step in expanding Mutares' Engineering & Technology segment and strengthening its presence in North America.
Greer Steel specializes in cold-rolled steel strip and offers a wide range of products, including high-carbon, low-carbon, high-strength low-alloy steels and alloy steels. The company operates a mill in Dover, Ohio, with advanced manufacturing capabilities including cold rolling, hydrogen annealing, pickling, slitting, shearing, wire flat rolling, traverse coiling, edge profiling and finishing. In 2024, Greer Steel shipped over 18,000 tons of products, with 96% of sales in the U.S. and 4% in Canada.
The company employs around 110 people.
Greer Steel's customer base includes the automotive, service center, hardware, hand tool and stamping industries, with the automotive industry accounting for 60% of sales in 2024.
The company is known for its quality and has a long history, technical expertise and ability to deliver customized solutions for demanding applications.
The acquisition of Greer Steel is a strategic move for Mutares, providing a platform for growth in the North American steel processing market and opening up cross-selling opportunities with automotive customers.
Mutares will support Greer Steel's transformation through operational improvements, inventory optimization and targeted investments, including an ERP spin-off and integration activities.
Johannes Laumann, CIO of Mutares, comments: "This acquisition is a strategic milestone for Mutares, strengthening our Engineering & Technology segment and expanding our presence in North America. Greer Steel's technical capabilities and strong customer relationships make it an ideal platform for further growth. We look forward to supporting the team in realizing its full potential and capitalizing on the favorable market trends in the current US trading environment. This will further strengthen the company's competitive position."