Indianapolis metal fabricator sold to Pennsylvania company

Indianapolis-based Mi-Tech Tungsten Metals LLC is under new ownership. The company, which makes components from heavy tungsten alloys for a variety of industries, has been acquired by Towanda, Pennsylvania-based Global Tungsten & Powders Corp.

Financial terms were not disclosed.

Mi-Tech,  4701 Massachusetts Ave., was previously owned by Periculum Capital Co. LLC, an investment banking firm headquartered in Carmel. Periculum said it had been working with Mi-Tech since December 2019 to find a buyer that could strengthen the company’s global supply chain and realize “significant strategic synergies.”

The acquisition of Mi-Tech closed on Nov. 15.

Mi-Tech employs nearly 100 people in Indianapolis. The company did not specify if any jobs would be affected by the acquisition.

GTP is a supplier of tungsten powders and semi-finished parts, according to its website. The company is the U.S. affiliate of Austria-based metal producer The Plansee Group.

“With the acquisition of Mi-Tech, we are further expanding our market position for tungsten products in North America,” Karlheinz Wex, spokesman for the Plansee Group executive board, said in written remarks. “Customers will benefit from a broader range of products and services in the future.”

Mi-Tech manufactures tungsten alloy products for the aerospace, medical, oil and gas, machine shop, and defense markets.

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