Worthington Acquires Controlling Stake in Italy's Sitem
Deal News | Dec 04, 2024 | Legal Community Italy
Worthington Steel has finalized an agreement to acquire a controlling interest in Sitem, an Italian company specializing in the production of electrical steel laminations and accessories for automotive and industrial applications, through its subsidiary Tempel Steel Company. The acquisition process saw legal assistance from major law firms Latham & Watkins and Bird & Bird. Latham & Watkins provided legal counsel to Worthington Steel with a team led by partner Stefano Sciolla, focusing on Italian corporate aspects with support from their American and antitrust law experts. Bird & Bird represented Sitem Group, with a team spearheaded by partner Alberto Salvad and extended to further aid from their German corporate law specialists out of Frankfurt, ensuring comprehensive legal coverage for the transaction from multiple jurisdictions.
Sectors
- Automotive
- Industrial Manufacturing
- Legal Services
Geography
- Italy – Sitem is based in Italy, making it a central geography for the acquisition.
- United States – Worthington Steel, through its subsidiary, is the acquiring company and is based in the U.S.
- Germany – Bird & Bird's German office provides support through the corporate law aspects of the deal.
Industry
- Automotive – The acquisition involves Sitem, a company that produces accessories used in automotive applications.
- Industrial Manufacturing – Sitem manufactures products for industrial applications, making this sector relevant.
- Legal Services – Latham & Watkins and Bird & Bird are law firms involved in facilitating the acquisition, providing corporate, regulatory, and antitrust legal services.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Worthington Steel | Acquiring Company | Company | An American company acquiring a controlling stake in Sitem through its subsidiary, Tempel Steel Company. |
| Sitem Group | Target Company | Company | An Italian company producing laminations for electric motors and applications in the automotive and industrial sectors. |
| Latham & Watkins | Legal Advisor | Company | The law firm advising Worthington Steel on the acquisition. |
| Bird & Bird | Legal Advisor | Company | The law firm advising Sitem Group regarding the acquisition. |
| Tempel Steel Company | Subsidiary | Company | The wholly-owned subsidiary of Worthington Steel involved in acquiring Sitem. |