Mitsubishi Heavy Industries (MHI) and Primetals Technologies will acquire ABP Induction Systems (ABP), a global manufacturer and servicer of induction furnaces and heating systems.
The two companies will jointly take ABP’s shares from CM Acquisitions, a Chicago based private equity firm.
ABP provides equipment for ferrous and NF metal casting, forging and steel making. Its main products are induction melting, holding and casting furnaces as well as induction heaters. ABP’s business is built upon a large and global customer base with more than 1,600 active units worldwide. ABP also has a competence in the service business and provides comprehensive aftermarket solutions to customers though the entire product lifecycle.
Future business activities will be conducted in close cooperation with and under the leadership of Primetals Technologies. The completion of the acquisition of ABP is subject to the approval of the relevant authorities, and is planned to close around the end of August, 2019.