MHI and Primetals to acquire ABP technologies from CM Aquisitions.

Mitsubishi Heavy Industries, a Japanese multinational engineering, electrical equipment and electronics company, and Primetals Technology, an engineering and plant construction company, agreed to acquire ABP Induction Systems, a manufacturer and servicer of induction furnaces and heating systems from CM Acquisitions, a Chicago based private equity firm. Financial terms were not disclosed. MHI and Primetals Technologies will jointly take ABP’s shares. Future business activities will be conducted in close cooperation with and under the leadership of Primetals Technologies. The completion of the acquisition of ABP is subject to the approval of the relevant authorities, and is planned to close around the end of August, 2019. “ABP’s state-of-art induction products and technology-driven culture will fit well with both shareholders. Through a closer tie-up with MHI and Primetals Technologies, ABP can pursue further growth potentials, which will also lead to a contribution to them,” Till Schreiter, ABP CEO.