Japan’s Hitachi Metals announced Tuesday that it had agreed to pay $1.3 billion in cash to acquire Wisconsin’s Waupaca Foundry, a key supplier to the automotive industry, from private equity firm KPS Capital Partners.
Bloomberg reports that the deal by Hitachi Metals is the largest ever for the Tokyo-based specialty metals producer, which is a subsidiary of Japanese conglomerate Hitachi. Bingham McCutchen, a firm known for its Japanese dealmaking expertise, has taken the lead on the deal for Hitachi.
