AK Steel To Buy Precision Partners For $360 Mln In Cash

(RTTNews) - AK Steel (AKS) announced that it has signed an agreement to acquire Precision Partners Holding Company , a leading North American automotive market company that provides engineering, tooling, die design and hot and cold stamped steel parts, for $360 million in cash.

Precision Partners is headquartered in Ontario, and employs more than 1,000 employees, including about 300 engineers and skilled tool makers, across eight plants in Ontario, Alabama and Kentucky.

AK Steel intends to finance the acquisition with a combination of debt and equity securities and remains committed to prudently managing its balance sheet.

The transaction is subject to customary closing and regulatory approvals in the U.S. and Canada. The closing is expected to occur during the third quarter of 2017.