“With the acquisition of Mi-Tech, we are further expanding our market position for tungsten products in North America. In the future, customers will benefit from a broader range of products and services,” says Karlheinz Wex, CEO of the Plansee Group.
Founded in 1978 and owned by the Bir family since 1994, Mi-Tech manufactures high precision tungsten composite turnkey products and components for industries such as power, engineering and aerospace.
"These tungsten products offer a unique combination of density, mechanical strength and shielding effectiveness," says Dr. Wolfgang Kck, Board Member of the Plansee Group. A large number of complex products are manufactured via the powder metallurgy production route.
The Plansee Group buys the Mi-Tech company through its US subsidiary Global Tungsten & Powders (GTP). GTP specializes in the production of tungsten powder, the starting material for tungsten products. "Mi-Tech will benefit from the fact that GTP, as a leading western supplier, guarantees security of supply for tungsten powders," says Karlheinz Wex. A large part of the tungsten is already obtained today through recycling.
The two private companies Plansee Group and Mi-Tech have agreed not to disclose the financial details of the transaction. The acquisition is still subject to official approvals.