ParkOhio announced today that it has completed the acquisition of Saet S.p.A., headquartered in Milan, Italy, for €16.7 million (approximately $20.7 million) in cash. Saet S.p.A. was owned by Star Capital SGR S.p.A., located in Milan, Italy, and other minority owners. The acquisition was previously announced on November 17, 2014. Saet revenues are expected to be approximately $50 million in 2015.

Saet is a leader in the design, manufacturing and testing of induction heating equipment and heat treat solutions. Saet operates through its locations in Italy, China, India, and Tennessee. With over 4,000 machines installed all over the world, Saet machines are used for hardening, tempering, and annealing for various industrial applications in the agricultural, automotive and renewable energy markets.

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Source: http://www.heraldonline.com/