Research Desk Line-up: Commercial Metals Post Earnings Coverage
LONDON, UK / ACCESSWIRE / July 5, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for AK Steel Holding Corp. (NYSE: AKS), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=AKS. The Company announced on July 03, 2017, that it has signed an agreement to acquire Precision Partners Holding Company. The all-cash transaction is valued at $360 million. The acquisition will allow AK Steel to expand its market penetration in the automotive sector. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Commenting on the acquisition, Roger Newport, CEO of AK Steel said:
"The acquisition of Precision Partners underscores AK Steel's commitment to expand our portfolio of high-value products and processes. Precision Partners has a highly experienced leadership team and is an innovator in the markets they serve. This acquisition will combine the best of both Companies, bringing AK Steel's innovation in materials and manufacturing together with Precision Partners' tooling and stamping knowledge and technology, to create a differentiated, innovative leader in the steel industry."
Details of the acquisition
AK Steel plans to finance the acquisition of Precision Partners using a mix of debt plus equity. The transaction is expected to close in Q3 2017 and is subject to approvals from US and Canadian regulators and other closing conditions. For this deal, AK Steel's financial advisor was Credit Suisse and its legal advisor was Weil Gotshal & Manges LLP.
Benefits of the deal
The acquisition allows AK Steel to focus on the lucrative automotive light weighting space and strengthen its position in advanced high strength steels.
The deal expands AK Steel's customer base in the automotive sector.
The deal also brings together AK Steel's strengths in research and innovation in materials and metals-forming and Precision Partners' core technology and advanced tooling and stamping capabilities.
Precision Partners is an excellent business with a strong leadership team and impressive growth opportunities.
About AK Steel
West Chester, Ohio based AK Steel is a leading producer of flat-rolled carbon, stainless and electrical steel products, and carbon and stainless tubular products, primarily for automotive, infrastructure and manufacturing, electrical power generation and distribution markets. It operates eight steel plants, two coke plants, and two tube manufacturing plants across Indiana, Kentucky, Michigan; Ohio, Pennsylvania; and West Virginia; and has one tube plant in Mexico. The Company has a workforce of over 8,500 people. In FY16, AK Steel's revenues were approximately $5.88 billion.
About Precision Partners
Precision Partners is headquartered in Ontario, Canada. It is a leading North American automotive market Company that provides advanced manufacturing and engineering services. It produces the world's most innovative engineering, tooling, die-design, and hot and cold stamped steel parts. Precision Partners operates 8 plants in Ontario, Canada and in Alabama and Kentucky in the US. It has clients located across two continents and employs over 1,000 people, including over 300 engineers and skilled tool makers.
Last Close Stock Review
On Monday, July 03, 2017, the stock closed the trading session at $6.38, falling 2.89% from its previous closing price of $6.57. A total volume of 15.75 million shares have exchanged hands. AK Steel's stock price soared 8.32% in the last one month and 31.55% in the previous twelve months. The stock is trading at a PE ratio of 23.72 and currently has a market cap of $2.06 billion.
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