Hitachi Metals Limited (HML) has agreed to an acquisition offer—from a consortium led by Bain Capital, a private equity firm—that includes Hitachi Cable America (HCA).

A statement from HCA said that the Bain-led consortium “recognizes HML’s R&D leadership, deep relationships with industry-leading customers, and technological superiority in each of its business units. Bain plans to support the company by enhancing our competitiveness in high-growth sectors.” No plant closures are expected, and HCA “will remain a U.S. company.”

The deal was described as a positive step for HCA, which has continued to invest in manufacturing capabilities, machinery, advanced quality control techniques, R&D (see p. 38), technical expertise and capacity expansions. “We stand by our commitment to manufacturing premium products, and the strong financial profile backing of Bain Consortium will empower us to accelerate investment efforts.”

HCA includes three divisions: the Performance Cable Systems & Materials Division, with 240 employees; the Automotive Products Division, with 100 employees; and the High Performance Medical Solutions Division, which has 180 employees. The Performance Cable division’s 300,000-sq-ft plant in Manchester, New Hampshire, designs and produces advanced copper and fiber optic based communication cable.

The agreement will see a branding away from the HCA name on Jan. 4, 2023, into Proterial Cable America, a portmanteau of the words “professional” and “material.”