The Board of Directors of HarbisonWalker International (HWI) have signed an agreement to be acquired by Platinum Equity, a global investment firm for a range of business markets.

The acquisition plan ensures HWI's continued growth in refractory products and services.

The transaction is expected to be completed in the first half of 2023, subject to customary closing conditions and regulatory approvals. Financial terms were not disclosed.

Carol Jackson, Chairman and CEO of HWI, said: “This is excellent news for our employees, customers, and communities. Platinum Equity supports our intent to continue driving HWI forward into an unprecedented new era of growth.

“Over the past several years in North America and throughout our global operations, we've built operational excellence, differentiated ourselves through our supply reliability, and delivered the deepest and widest offerings of refractory products and expertise.

“Our new owner is wholly aligned with our leadership team's vision to aggressively accelerate investments in our business. We are poised to capitalise on the momentum that our team of employees has built together.”

In July, Platinum Equity announced its plans to acquire Imerys SA's High Temperature Solutions business (HTS), a provider of refractory solutions serving more than 6,000 customers primarily in Europe and Asia, in a transaction that is expected to close by the end of the year.

Once both acquisitions have been completed, HWI and HTS will combine into a global business with increased reach and scale.

Platinum Equity said it will seek additional opportunities to help the combined company grow both organically and through additional acquisitions in key product areas and geographies.

HWI’s Advanced Technology Research Centre (ATRC), one of the largest refractory research and development labs in North America, continues to deliver new industry solutions for customers and is advancing a major recycling initiative.