Molybdenum and tungsten products supplier The Plansee Group announced this week that its US subsidiary Global Tungsten & Powders (GTP) will acquire Indianapolis-based tungsten composites and components maker Mi-Tech Tungsten Metals. An agreement on the transaction was signed on December 22.
“With this acquisition of Mi-Tech, we are further expanding our market position for tungsten products in North America. Customers will benefit from a broader range of products and services in the future,” said Karlheinz Wex, spokesperson for the Plansee Group’s executive board, in a company release.
Established in 1978, Mi-Tech has been owned by the Bir family since 1994. Its products are used in energy, aerospace, engineering, and other applications.
“Mi-Tech will benefit from the fact that GTP, as a leading Western supplier, guarantees security of supply for tungsten powders,” Wex said.
GTP manufactures tungsten powders. Terms of the transaction were not revealed. The deal must receive regulatory approval before it proceeds.