AK Steel To Purchase Precision Partners For $360 Million In Cash

AK Steel Holding Corp. said Monday it has agreed to acquire Precision Partners Holding Co. for $360 million in cash. Precision Partners is based in Ontario and offers engineering, tooling, die design and hot and cold stamped steel parts. AK Steel said the deal will expand the company's presence in the high-growth automotive market as well as in advanced high strength steels. "Precision Partners has a highly experienced leadership team and is an innovator in the markets they serve," AK Steel Chief Executive Roger Newport said in a statement. AK Steel will finance the deal with debt and equity and expects it to close in the third quarter. AK Steel shares were not yet active premarket, but are down 36% in 2017, while the S&P 500 has gained 8%.