On March 7, 2023, Daido Steel Co., Ltd. (President and CEO: Takeshi Ishiguro; hereinafter “Daido”) reached an agreement to acquire plant facilities for the hot forging die manufacturing business in the United States of Elizabeth Carbide Die Co., Inc. (headquarters: Pennsylvania, U.S.) as the Daido Group with the company. Daido has a manufacturing base in North America named Ohio Star Forge Co. (headquarters: Ohio, U.S.; CEO: Carl Paglia; hereinafter “OSF”).
By acquiring the hot forging die manufacturing business, which is an upstream process in OSF, we aim to further increase earnings and strengthen competitiveness. In addition, changes in the layout of excess space at the acquired plant will also enable us to expand capacity in the machining business, which is expected to see rising demand in the future. Accordingly, we will develop a production system that can also respond to customer requests.
Outline of acquisition
Acquisition details
Land, buildings, and facilities related to the hot die manufacturing business of Elizabeth Carbide Die Co., Inc. (heat treatment furnaces, lathe processing machines, cutting machines, wire EDM machines, etc.)
Consideration for acquisition
Approx. ¥500 million (US$3.9 million)
Profile of new company
| Company name | Lexington Technologies Company LLC. |
| Establishment | March 2023 |
| Address | Lexington, North Carolina, U.S. |
| Common stock | Approx. ¥500 million (US$3.9 million) |
| Description of businesses | Hot forging die manufacturing, Machining |
| Number of employees | 24 (as of March 7, 2023) |