Diehl Steel Announces Acquisition Agreement; to Expand Product Portfolio
CINCINNATI, OH (November 2, 2015) – Diehl Steel Company, Inc. has entered into an agreement to be acquired by Tokyo, Japan-based Hitachi Metals Ltd. The acquisition calls for the transfer of all of Diehl Steel’s assets to a subsidiary of Hitachi Metals America, LLC, a specialty steel producer and distributor. The asset transfer is scheduled to take place on November 2, 2015. Diehl will be renamed Diehl Tool Steel, Inc.
According to Mr. Mike Sheehan, President of Diehl Steel Company, “This is an exciting development here at Diehl, and will allow us to better serve our many valued customers. Hitachi, through its parent company Yasugi Specialty Steel, is the world’s leading specialty steel manufacturer across a wide range of markets. The resources that will now be available to our team will allow us to better serve our cold work tool steel customers, and will also pave the way for us to offer hot work tool steel solutions for die casting and forging applications.”
Mr. Tom Bell, Product Group Head of Hitachi Metals America, LLC commented, “This acquisition greatly enhances our presence in North America, and will accelerate our plans to expand the capabilities we have to offer customers at Hitachi Metals.”
There will be no interruption of service, and Diehl customers will continue to work with their existing teams of sales and support professionals. Mr. Sheehan, who will be named President and COO of the new Diehl Tool Steel, Inc. went on to add, “One of Hitachi’s goals is to provide its customers around the globe with the best quality and most consistent specialty tool steels and solutions available. Against this backdrop, we look forward to helping our customers optimize their tooling operations.”
Diehl Tool Steel is an international supplier of quality tool steel, alloy steel, CPM® powder metal, mold steel, carbon steel, stainless steel and aluminum products and services. The company offers standard and custom cut and machined sizes of flats, bars, squares, sheets, plates, drill rod, hollowbar and rounds. With its unique Accu-Square™ process, the company can square metal block to toolmaker tolerances. Diehl Tool Steel focuses on serving the rapid turn-around needs of the tool and die, mold shop, machine shop, and O.E.M. industries, typically shipping in-stock items in 24 to 48 hours.
Hitachi Metals America, LLC, headquartered in Purchase, NY, is a wholly-owned subsidiary of Hitachi Metals America Holdings, Inc. and has approximately 1,500 employees as of April 1, 2015. Since its inception in 1965, the company manufactures and markets a broad range of Hitachi Metals products. It has 4 manufacturing subsidiaries and 5 sales offices in the U.S. serving automotive, industrial, telecommunications and information technology, semiconductor, consumer products and energy segments.