STEINMÜLLER ENGINEERING acquired by Mutares

Mutares signed an agreement to acquire Steinmueller Engineering from IHI Group, adding the long-established German plant engineering firm to its portfolio. The transaction covers 100% of the shares in Steinmueller Engineering GmbH, a company with a history in power plant and industrial engineering. Founded in the nineteenth century, Steinmueller has built its business around the design and construction of boilers, steam generators and related equipment for utilities and industrial clients. The seller is Japan-based IHI Group, which has held the business as part of its international engineering operations. Mutares, a Munich-listed holding company that acquires industrial and technology businesses in transition, takes over the entire operation including its German sites and workforce. The acquisition is the latest in a series of carve-outs Mutares has completed from larger industrial groups, following a pattern of buying non-core units and repositioning them as standalone companies. Steinmueller Engineering operates in the plant engineering segment, serving customers in the energy and process industries with engineering, procurement and construction services. The company's engineering heritage and installed base give Mutares a platform in a segment where it already holds adjacent industrial assets. The deal remains subject to customary regulatory approvals and is expected to close once those conditions are met. Following completion, Steinmueller will operate as part of the Mutares group, with the acquirer intending to develop the business as an independent entity within its portfolio. Mutares has not disclosed the financial terms of the transaction. The acquisition adds another German engineering company to Mutares' holdings, which span automotive, technology, engineering and construction segments. Steinmueller's employees and management team are expected to remain with the business under the new ownership structure. The transaction reflects Mutares' continued focus on corporate carve-outs from international industrial groups seeking to divest non-core operations.