"With the acquisition of Mi-Tech, we are further expanding our market position for tungsten products in North America. Customers will benefit from a broader range of products and services in the future," says Karlheinz Wex, Spokesman for the Plansee Group Executive Board.
Founded in 1978, Mi-Tech has been owned by the Bir family since 1994 and manufactures high-precision ready-to-use tungsten composite products and components for industries such as energy, engineering, and aerospace.
"These tungsten products offer a unique combination of density, mechanical strength, and shielding effect," says Dr. Wolfgang Köck, Executive Board Member of the Plansee Group. Many complex products are manufactured via the powder metallurgy production route.
The Plansee Group is buying Mi-Tech 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. Much of the tungsten today is already obtained 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 regulatory approval.