Pittsburgh-based HarbisonWalker International (HWI) announced Wednesday it had been acquired by Platinum Equity.
The acquisition plan will ensure HWI will continue its growth in the refractory products and services industry. Financial terms for the deal were not disclosed, the company’s board of directors said, and the deal is expected to be completed in the first half of 2023, pending regulatory approvals and customer closing conditions.
“This is excellent news for our employees, customers, and communities. Platinum Equity supports our intent to continue driving HWI forward into an unprecedented new era of growth,” HWI Chairman and CEO Carol Jackson said. “Over the past several years in North America and throughout our global operations, we’ve built operational excellence, differentiated ourselves through our supply reliability, and delivered the deepest and widest offerings of refractory products and expertise. Our new owner is wholly aligned with our leadership team’s vision to aggressively accelerate investments in our business. We are poised to capitalize on the momentum that our team of employees has built together.”
HWI is the largest refractory products and services supplier in North America, with headquarters in Pittsburgh, six manufacturing facilities in North America, Europe, and Asia, and 22 global sourcing centers in the United States and China.
Platinum Equity said in July it planned to acquire Imerys SA’s High Temperature Solution business, which provides refractory solutions to more than 6,000 customers in Europe and Asia. That transaction is expected to close by the end of the year. When both acquisitions are complete, HWI and HTS will combine into one global business, Platinum Equity said.
“HarbisonWalker has built an impressive organization, and we have deep respect for the company’s legacy, culture, and commitment to serving its customers. We are excited to continue investing in its growth,” said Platinum Equity partner Louis Samson.