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Featured Company News - AK Steel Acquires Automotive Market Company Precision Partners Holding

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 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:

Discover more of our free reports coverage from other companies within the Steel & Iron industry. Pro-TD has currently selected Commercial Metals Company (NYSE:CMC) for due-diligence and potential coverage as the Company announced on June 22, 2017, its financial results for Q3 FY17 which ended on May 31, 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on Commercial Metals when we publish it.

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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...