Mi-Tech Tungsten Metals, LLC (“Mi-Tech”), a leading manufacturer of critical components made from heavy tungsten alloys supplied to the aerospace, defense and other government, and commercial industries, found a buyer in Global Tungsten & Powders Corp. (“GTP”), the U.S. affiliate of the Plansee Group, the global leader in the production of refractory metals, headquartered in Reutte, Austria. As the Plansee Group is an Austrian entity, the parties were required to obtain approval for the transaction prior to closing from the Committee on Foreign Investment in the U.S. (“CFIUS”).
AGG Government Contracts practice leader, Tenley Carp, and Corporate & Finance partners, Mike Burke and Sherman Cohen, helped guide Mi-Tech through government contracting and national security matters spanning a 16-month federal government review process to navigate negotiations with CFIUS and other federal agencies concerning national security and the mitigation of Foreign Ownership, Control, and Influence. AGG worked in tandem with Mi-Tech’s M&A advisor Periculum Capital Company, LLC, Densborn Blachly, LLP (lead M&A counsel; Indianapolis, Indiana) and Arnold & Porter (Antitrust counsel; Washington, D.C.) who handled the Hart-Scott-Rodino filing at the Department of Justice.
AGG’s efforts ultimately resulted in the successful sale of Mi-Tech to GTP and the Plansee Group, allowing Mi-Tech to fully integrate into the global production and sales network of the Plansee High Performance Materials business area.
“I could never thank you enough for all of your help,” said A.J. Bir, Mi-Tech owner, to Tenley upon closing the transaction. “There is no way I could have ever made it through this process without you.”
To view the Plansee Group’s announcement of the transaction, please click here.