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Private investors buy Theis Precision Steel

Jan 09, 2014 | 03:42 PM |

Tags  Theis Precision Steel, acquisition, TPS Acquisition, steel grades, Peter K. Gersky, cold-rolling, strip mill, Corinna Petry

CHICAGO — TPS Acquisition LLC has acquired Theis Precision Steel Corp., including all its assets and operations in Bristol, Conn., the company said Jan. 8.

Theis operates a strip mill, performing cold-rolling, hardening and tempering of high-carbon and alloys strip steels, as well as cold-rolling of stainless steel and nickel alloys. The Bristol-based company also distributes hardened and tempered stainless martensitic chromium steels as well as electron beam-welded bi-metal and tri-metal of dissimilar steels.

The company, which will be renamed Theis Precision Steel USA Inc., serves industries such as saw manufacturing, industrial knives and blades, automotive parts, textile machinery, paper, and spring forming and stamping.

TPS Acquisition consists of Connecticut-based private investors with “significant metal stamping, fabrication, finance and steel mill experience, who intend to leverage synergies between their affiliate companies,” the company said.

“We are committed to investing and building Theis Precision Steel USA into a global specialty and precision steel company that will be more price competitive, customer-centric and deliver increased value and innovative solutions to our growing customer base,” TPS Acquisition president Peter K. Gersky said.

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