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AK Steel (AKS) to Buy Precision Partners for $360 Million

AK Steel AKS has agreed to purchase Precision Partners Holding Company for $360 million in cash. The transaction, which is subject to customary closing and regulatory approvals in the U.S. and Canada, is expected to complete in third-quarter 2017.

Ontario-based Precision Partners is a leading North American automotive market company that offers engineering, tooling, die design and hot and cold stamped steel parts. The entity employs over 1,000 employees across eight plants in Ontario, Alabama and Kentucky and has a highly experienced leadership team.

AK Steel plans to fund the acquisition with debt and equity securities. Credit Suisse is serving as financial advisor to AK Steel on the deal.

The deal combines the steel maker’s innovation in materials and metals-forming and Precision Partners' tooling and stamping technology and advanced capabilities.

The buyout is in sync with AK Steel's commitment to broaden its portfolio of high-value products and processes and also advances the company’s focus on the rapidly growing automotive lightweighting industry and its position in advanced high strength steels. It also reinforces collaboration with the company’s automotive market...