Haynes International Announces Agreement to be Acquired by North American Stainless, a Wholly Owned Subsidiary of Acerinox

Haynes Stockholders to Receive $61.00 Per Share in Cash, Delivering Significant and Immediate Value

In Connection with Transaction, Acerinox will Invest an Additional $200 million in U.S. Operations, Including $170 Million in Haynes’ Operations

KOKOMO, Ind., Feb. 05, 2024 (GLOBE NEWSWIRE) -- Haynes International, Inc. (NASDAQ GM:HAYN) (“Haynes” or the “Company”) a leading developer, manufacturer and marketer of technologically advanced high-performance alloys, today announced it has entered into a definitive agreement to be acquired by North American Stainless, a wholly owned subsidiary of Acerinox, in an all-cash transaction valuing the Company at an enterprise value of approximately $970 million and representing a multiple of 12.3x fiscal 2023 EBITDA.

Under the terms of the agreement, North American Stainless will acquire all the outstanding shares of Haynes for $61.00 per share in cash, which represents a premium of approximately 22% to Haynes' six-month volume-weighted average share price for the period ending February 2, 2024. As part of this transaction, Acerinox has committed to investing an additional $200 million into its U.S. operations, including $170 million into Haynes’ operations.

Headquartered in Madrid, Spain, Acerinox is a global leader in manufacturing stainless-steel and high-performance alloys and its subsidiary, North American Stainless, is the largest fully integrated stainless-steel company in the U.S.

Key Benefits

• Delivers Significant Value to Haynes Stockholders: Haynes stockholders will receive $61.00 per share in cash, which represents a premium of approximately 22% to Haynes' six-month volume-weighted average share price for the period ending February 2, 2024.
• Ensures the Long-Term Success of Haynes: This transaction validates the strength of the Haynes business and best positions the Company to achieve its growth targets while providing access to Acerinox’s healthy balance sheet, deep expertise and valuable relationships.
• Additional Investment Facilitates Continued Growth and Innovation: The $170 million investment in Haynes’ operations will support the continued growth of the Company’s business in both flat and round products for a global market.
• Improves Ability to Meet Customer Demand: This investment will best position Haynes to continue to innovate, increase manufacturing capacity and offer more highly differentiated products, applications and services, with faster lead-times to meet the dynamic needs of its customers.
• Builds on Rich Heritage: The transaction combines Haynes’ strong foundation and leadership position in high-performance alloys established over the past 112 years with the largest fully integrated stainless-steel company in the U.S.