Indianapolis metal fabricator sold to Pennsylvania company
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Indianapolis-based Mi-Tech Tungsten Metals LLC is under new ownership. The company, which makes components from heavy tungsten alloys for a variety of industries, has been acquired by Global Tungsten & Powders Corp. (GTP) in Pennsylvania, though financial terms were not disclosed.
Mi-Tech was previously owned by Periculum Capital Co. LLC, an investment banking firm headquartered in Carmel. Periculum said it had been working with Mi-Tech since December 2019 to find a buyer that could strengthen the company’s global supply chain and realize “significant strategic synergies.”
The acquisition of Mi-Tech closed on Nov. 15.
GTP is a supplier of tungsten powders and semi-finished parts, according to its website. The company is the U.S. affiliate of Austria-based metal producer The Plansee Group.
“With the acquisition of Mi-Tech, we are further expanding our market position for tungsten products in North America,” Karlheinz Wex, spokesman for the Plansee Group Executive Board, said in written remarks when plans for the acquisition were first announced last January. “Customers will benefit from a broader range of products and services in the future.”
Mi-Tech manufactures tungsten alloy products for the aerospace, medical, oil and gas, machine shop, and defense markets.
Mi-Tech employs nearly 100 people in Indianapolis. The company did not specify if any jobs would be affected by the acquisition.