Stainless steel manufacturer Kobe Steel is to acquire Swedish hot isostatic press (HIP) manufacturer Quintus Technologies from US private equity firm Milestone Partners.

The purchase price was US$115 million. Quintus is now a wholly owned subsidiary of Kobe Steel.

Headquartered in Västerås, Sweden, and represented in 35 countries, Quintus has delivered more than 1,800 systems to customers across the globe within industries such as aerospace, automotive, energy, and medical implants.

‘By acquiring Quintus, Kobe Steel will be able to broaden its lineup of IP products and enter new growth markets,’ the company said in a press release. ‘Furthermore, Kobe Steel expects to benefit from the interchange of product menus and from the synergy of manufacturing efficiency and cost reductions through the joint procurement of parts. Targeting the world market, Kobe Steel plans to significantly expand its IP business.’

This story uses material from Quintus, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.