Plansee Group Acquires Mi-Tech Tungsten Metals

Reutte, Austria-based Plansee Group has signed a definitive agreement to acquire Mi-Tech Tungsten Metals, Indianapolis, Indiana, U.S.A. Founded in 1978, Mi-Tech Tungsten is now considered one of the leading suppliers of tungsten-based products in the United States. The company employs nearly 100 people and produces high-precision, ready-to-use tungsten composite products and components for a variety of industries including energy, engineering, and aerospace.

The Group, through its U.S. subsidiary Global Tungsten & Powders (GTP), is acquiring Mi-Tech, a company specializing in tungsten powder production.

"With the acquisition of Mi-Tech, we are further expanding our market position for tungsten products in North America. Customers will benefit from a wider range of products and services in the future," said Karlheinz Wex, Plansee Group Executive Committee spokesperson. "Mi-Tech will benefit from the security of supply of tungsten powder from GTP as a leading Western supplier."

Mi-Tech's has grinding, turning, and milling capabilities in addition to powder metallurgy manufacturing. The two companies have agreed not to disclose financial details of the transaction, and the acquisition is still subject to regulatory approval.

Tungsten (W), also called wolfram, chemical element, an exceptionally strong refractory metal of Group 6 (VIb) of the periodic table, used in steels to increase hardness and strength and in lamp filaments.

Plansee Group (named after Lake Plansee) is an Austrian company based in Reutte that specializes in the powder metallurgical production of materials (molybdenum and tungsten) and their processing into tools and molded parts. The Group is a privately owned company and is considered to be a global market leader.

Mi-Tech Tungsten Metals was originally located in a small building on Senate Avenue in Indianapolis, Indiana. As its product line and customer base expanded, it moved to its current location on Massachusetts Avenue in 1993. It now has an 85,000 square foot facility to accommodate production, sales, maintenance, and quality control.

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