(Editors Note; As Bodycote is a UK based company all numbers are in British currency. £1.5bn. translates to roughly $2.2 Billion USD. Note the comments from CEO Mr. Jim Fairbairn about focusing on higher margin technologies and selling or closing underperforming locations. The markets loved this offer, further down see how the share price was affected.)
“Bodycote (BOY) has confirmed that is in talks with private equity firm Apollo Global Management over a takeover offer which values the company at over £1.5bn.
The heat treatment specialist said it is discussing an 885p per share offer, plus payment of the 16.1p dividend payment that was due to be put to shareholders at next week’s AGM.
Bodycote’s board said it entered into talks after receiving “a number of previous proposals” from Apollo. However, it added that there was no certainty an offer would emerge, nor at what price.
Bodycote’s shares surged by 17 per cent to 816p per share.
Over the past two years, chief executive Jim Fairbairn has overseen a shake-up of the Macclesfield-based business to place a greater focus on its higher margin Specialist Technologies arm, and to sell or close underperforming sites.
Last month, Jefferies analyst Andy Douglas described Bodycote as “our most preferred” UK industrial stock, forecasting an uplift in the group’s adjusted operating margin from 15.7 per cent last year to just below management’s 20 per cent target by 2028.
He added that the company’s “improvement potential” in terms of higher sales and margins remained despite the macroeconomic backdrop deteriorating.
Apollo now has until 19 June to make a formal bid or at least make public its firm intention to make an offer.”
(Editors Note; According to this press release “Houston Unlimited Inc.”, in Houston, Texas USA, a supplier of Salt Bath Nitriding “SBN” services amongst other offerings has just acquired “Nitretex” of Houston, also a supplier of salt bath nitriding and QPQ services. More on the SBN and QPQ processes further down).
MAY 21, 2026 HOUSTON, TEXAS; “Expanding Our Presence in Texas; Growth continues—and Texas is a big part of that story. We’re proud to have established Houston Unlimited Inc. late last year in partnership with HEF Groupe. This primarily HEF-owned facility in the Houston area operates under the name TS Houston Unlimited, reflecting a unified commitment to supporting customers across the region.
Building on that momentum, TS Houston Unlimited has now completed the acquisition of liquid nitriding operations from Nitretex—further strengthening our capabilities and expanding our reach across Texas, Louisiana, and Oklahoma. These strategic moves allow HEF North America to better serve manufacturers with enhanced liquid nitriding solutions—right where you need them.”
“Salt Bath Nitriding Overview; Salt Bath Nitriding (SBN), also referred to as Liquid Nitriding and Ferritic Nitrocarburizing (FNC), is a specialized diffusion treatment that is used to cost effectively enhance resistance to wear, friction, corrosion, and fatigue on all ferrous materials, including cast irons, plain carbon steels, low alloys, and stainless steels.
SBN also maintains superior dimensional stability compared to other high-temperature treatments, while hardening a part’s surface up to greater than 70 Rockwell “C” (1075 HV). Unlike coatings or plating, Salt Bath Nitriding is a nearly zero-growth process that adds only a few microns, thereby maintaining extremely tight tolerances and allowing SBN to be the final step in the manufacturing process.”
“Quench-Polish-Quench Overview; QPQ (Quench-Polish-Quench) is an adjunct to SBN, typically used when superior corrosion resistance is needed, and/or to enhance surface finish. QPQ begins with a standard SBN cycle, which produces a layer of iron nitride. The part is then mechanically polished and re-immersed into an oxidizing salt bath, followed by rinsing. QPQ optimizes corrosion protection, while leaving the original dimensions intact. In addition, the SBN/QPQ process results in an attractive black surface finish, ideal for applications where cosmetic appeal is especially important.”
Our article covered the history of “Vacu Braze”, recent changes in management and on the firm’s continuing investment in additional equipment, processes and a building expansion-we can now tell you what is going into that new 18,000 square foot addition.
Our original story highlighted the new pit, gas nitriding system with working dimensions of 48″ X 108″ deep which is already installed and in operation.
What we did not mention in our original story is that the pit nitrider is only part of the company’s latest investments. What you see in these photos is a brand new “Surface Combustion” “Super 36” batch IQ line. The electrically heated furnace has working dimensions of 36″ X 48″ X 36″ and includes the high heat furnace, washer, loader, endothermic generator and tempering capacity. These photos were taken just a few short weeks ago when installation was almost complete; at this point the line is either in operation or very close to it.
Please note the small footprint the line occupies in the new addition, the additional space will be used for-well we will leave those details for another day.
Until then you will find more details about “Vacu Braze” in these previous stories from “The Monty”;
A new AICHELIN rotary hearth furnace for the heat treatment of ring gears has been installed at the DAF-Trucks site in Eindhoven, Netherlands. The electrically heated system replaces a gas-fired furnace and is marking an important step toward modern, energy-efficient heat treatment technology.
Successful factory acceptance; Following successful factory acceptance at the AICHELIN Assembly Center Europe in Celje, Slovenia, the system was delivered on schedule before Easter. Installation posed a particular challenge: the rotary hearth, measuring approximately 4 meters in diameter, was moved into place over the weekend outside regular plant hours – a precise, millimeter-level operation under tight space constraints.
Assembly and Commissioning; The system is currently in the assembly phase. Commissioning will take place in two coordinated steps:
STEP 1: Commissioning of the new rotary hearth furnace while the existing system continues operation in parallel.
STEP 2: Integration of the new system into the existing production line, including connection to the fully automated robotic cell and peripheral equipment during the scheduled annual maintenance window.
This approach ensures a smooth transition with maximum operational reliability and minimal disruption to ongoing production.
Technical Specifications; The scope of supply includes:
FOCOS 4.0 light – for reliable, long-term digital documentation of process data
The system is designed for high process stability, energy efficiency, and precise control.
We are particularly proud of this project, as we successfully established ourselves as a new furnace supplier through expert consulting and many years of technical expertise. DAF-Trucks is an important new customer for AICHELIN and another international OEM that relies on AICHELIN’s many years of experience, quality, and technical expertise. The customer has expressed a high level of satisfaction with both the project execution and technical implementation:
The implementation is progressing smoothly so far, and we are very pleased with how the collaboration is going. Communication with your team has been clear and efficient, which is greatly appreciated. Iris Kurstjens, Project Manager, DAF Trucks
Unfortunately, the global heat treatment industry is losing one of the “great” ones, an individual who is known to heat treaters around the world, Mr. “Mario Ciampini”. Currently Vice President, Strategic Projects and M&A, Bodycote plc Mario has announced that June30th, 2026 he will be leaving the company.
Mario’s truly remarkable heat treat career includes 19 years as President/CEO of furnace builder “Ipsen International” with the past 20 years spent with the world’s largest commercial heat treater “Bodycote”. During his 20 years with “Bodycote” Mario was involved with a variety of projects, the chief one being acquisitions, an area where he truly excelled. Some of Bodycote’s most successful acquisitions are a direct result of Mario’s efforts.
In this position Mario visited heat treating facilities around the world (with the exception of Africa) and became so well known that one commercial heat treater in California quipped; “Mario has had lunch with every single heat treater around the world”.
His experience will be missed. This photo shows Mario with Dale Montgomery of “The Monty Heat Treat News” shortly after the acquisition of “Nitrex” in Burlington, Ontario, Canada a few years ago.
The story was about a UK based commercial heat treater by the name of “MTE Heat Treatment” which had been forced to close their doors after 70 years in business. As it turns out the story had a good ending in that a buyer has stepped in and purchased both plant and equipment with a plan to keep the company operating;
“Time To ACT plc has acquired the business and assets of MTE Heat Treatment Limited for £500,000, comprising £390,000 for plant and equipment and £110,000 for the trade and business, funded partly by £286,000 in equipment finance. MTE, which recorded £2.834m in turnover for the year ended 31 December 2025, is expected to achieve £3.0m in sales and positive EBITDA in its first full annualized trading period under Time To ACT’s ownership. This acquisition is complementary to the Group’s existing Diffusion Alloys business, expanding its thermal engineering capabilities and manufacturing footprint.”
FEBRUARY 27th 2026; Be Very Glad you are Not a Heat Treater in the UK! The insane energy policy in the UK has been having an effect on industry and certainly commercial heat treaters are also feeling the pain-this press release mentions yet another one closing their doors. From what we can tell this was a fairly “high end” shop offering press quenching, carburizing and induction hardening.
“British metal company collapses into administration after 70 years
The latest available records show that the company employed 38 people in 2024 MTE Heat Treatment has collapsed into administration after 70 years in business.
The company, based in West Yorkshire, specializes in treating industrial metals to improve strength and durability.
Administrators were appointed on February 24, the London Gazette reports.
The latest available records show that the company employed 38 people in 2024, though more recent figures are not yet available.
Lee Van Lockwood and Gareth Harris, both of RSM UK Restructuring Advisory LLP, have been appointed as joint administrators.”
For over 30 years Mr. Steve Cropper has been involved in the global heat treatment industry, originally with furnace builder/rebuilder/salt distributor “Park Thermal” (Park closed their doors a few years back which was no loss to the industry), VP of furnace builder “Can-Eng”for a number of years, Sales Manager at “Bodycote”, Canada and for the last number of years Sales Manager at “IMT Elemental” (formerly H & S Heat Treating), one of the larger commercial heat treaters in North America.
It would appear that “Mr. Lucas Sanders” who was Plant Manager at “IMT” is now the Sales Manager.
And Mr. Andrew, Andrew is the new plant manager, who comes with this press release. Andrew is pictured on the right hand side of this news item;
“We are pleased to welcome Andrew to the team as our new Plant Manager! Andrew brings a background in materials engineering along with several years of experience across steel manufacturing and industrial operations, including foundry leadership, machining, fabrication, and process improvement. Throughout his career, he has worked in hands-on manufacturing environments with a strong focus on production, safety, quality, and team development. We look forward to the leadership and expertise he will bring to the role as we continue to strengthen and grow our operations.”
(Editors Note; We are not entirely sure who the end customer is for this order, if we find out we will let you know).
“SECO/WARWICK will deliver a vacuum furnace from the Vector line, equipped with 15 bar abs high-pressure gas quenching and an optional Low Pressure Carburizing (LPC) system, to a manufacturing facility in the United States. The solution will support the heat treatment of a wide range of bearing components for the aerospace sector, increasing production capacity, process quality and operational flexibility. This is the first order for this Partner’s U.S. location.
The new order involves a standard, production-proven vacuum furnace from the Vector line, customized to meet the customer’s requirements by integrating the Low Pressure Carburizing (LPC) option. The solution was selected to enable efficient heat treatment of larger batches of bearing components, including parts with critical dimensions, while maintaining high process cleanliness and excellent parameter repeatability.
The furnace features a working zone of 900 × 900 × 1200 mm (36 × 36 × 48 in) allowing efficient processing of large loads. The cylindrical heating chamber ensures excellent temperature uniformity of ±5°C (±10°F). The graphite hot zone has been designed for durability, ease of operation and straightforward maintenance. A convection heating system improves heat transfer at lower temperatures, while directional gas quenching enables better process control for components with more complex geometries. Additionally, the furnace is equipped with isothermal quenching, enabling even more precise control of the cooling profile, load temperature and blower operation via a variable-frequency drive.
“This unit is not a prototype but a proven standard that has matured through successive implementations. We have delivered hundreds of similar furnaces, refining every detail to ensure long-term, reliable performance in industrial environments. As a result, the current design provides process stability, high efficiency and operational safety factors that are fundamental in the aerospace sector,” says Piotr Zawistowski, Managing Director of SECO/WARWICK USA.”
According to this report from global furnace builder SECO/WARWICK the company is doing pretty darn well with both sales and profit up. Read on for all the details about how each geographic region is doing, which technologies are selling and why the company is doing so well these days;
“SECO/WARWICK is successfully executing its growth strategy, built on quality, a global customer footprint, and consistent structural simplification. In a demanding market environment, the Group delivered very strong financial results, improved profitability, and continued initiatives strengthening its competitive position in key markets.
Growth Drivers of the SECO/WARWICK Group; In 2025, the SECO/WARWICK Group’s revenue totaled PLN 745.9 million, up 4.6% year over year and the highest result in the Company’s history. At the same time, EBIT increased to PLN 43.1 million (+35.7% y/y), and the EBIT margin rose to 5.8% from 4.5% in 2024. Net profit reached PLN 26.1 million, and EPS rose to PLN 3.82, up 36% y/y—one of the strongest investment signals coming out of this year’s results.
“Behind the Group’s very strong performance is both organic growth and an improved sales mix.A new growth engine has emerged in the Aluminum Process segment, which expanded by more than 38.5% y/y. The Melting Furnaces segment also delivered a very solid result, with revenue of nearly PLN 250 million, up 5.3% y/y. SECO/WARWICK is successfully capturing demand in segments where technological advantage, energy efficiency, and workmanship quality are of critical importance to industrial customers,” commented Sławomir Woźniak, CEO of the SECO/WARWICK Group.
Geographically, the key markets remainEurope, which generated PLN 260 million in revenue, up 13.5% y/y and accounting for 35% of the Group’s sales, and the U.S. (36% of the Group’s sales). The fastest-growing region is Asia (+25.4% y/y), with revenue of PLN 160 million.
One of the most important events of the first half of 2025 was the merger of SECO/WARWICK Corporation and SECO VACUUM TECHNOLOGIES into a single company—SECO/WARWICK USA. This is an important step toward simplifying the organizational structure, reducing administrative costs, and strengthening the Group’s position in the North American market. The U.S. restructuring translates into greater operational efficiency, better resource use, and a clearer operating model for customers and partners.
The 2025 financial results fit well into SECO/WARWICK’s broader development trajectory. The Group consistently strengthens an operating model based on local capabilities, in-house production resources, and customer proximity, responding to global trade shifts, the growing importance of local content, and the need to build more resilient supply chains. At the same time, it is expanding solutions for sectors with high-quality and technology requirements, such as power generation, aerospace, recycling, green steel, and modern industrial processes supported by digitization and automation.
Business Model Built on Local Capabilities; Amid growing protectionism, shorter supply chains, and cost pressure, the Group continues to strengthen its position as an industry partner that provides not only equipment but also operational security, quality, and process predictability. SECO/WARWICK solutions are now operating in more than 70 countries, serving demanding sectors such as aerospace, automotive, medical, and power generation.
“More and more markets are moving away from a fully globalized model toward local production, ‘local content’ requirements, and greater self-sufficiency. SECO/WARWICK is responding to this trend with a strategy developed over the past several years: each company in the Group has its own manufacturing and service capabilities, enabling it to flexibly tailor its offering to customer expectations as well as political, customs, and tender requirements. In practice, this means the ability to deliver solutions manufactured locally in the U.S., Europe, orAsia—depending on market needs. Asia remains a strong pillar of this strategy.For years, SECO/WARWICK has been building its presence in China and India, developing not only sales, but also engineering, assembly, and R&D capabilities there. In India, the Group has evolved from a joint venture to its own company and assembly hall, creating local centers of competence. In China, where price competition is exceptionally aggressive, SECO/WARWICK focuses on the premium segment and demonstrates that it is also possible to win in this market through quality, durability, and repeatable processes. Increasingly, it is customers from China—seeking to move up to a higher level of production and export to demanding markets—who choose SECO/WARWICK technologies,” commented S. Woźniak.
Digital Solutions – Digital Twin; The Groupis currently focused on further developing digital tools that support standardization and efficiency. SECO/WARWICK usesdigital twin technology to design, test, and deploy equipment more predictably, faster, and with lower risk. These solutions are already being rolled out across the Group’s entities, supporting the harmonization of production standards across markets. This is particularly important for tailor-made solutions, which represent a significant part of the portfolio and naturally carry the highest project risk.
“Since the beginning of its operations, SECO/WARWICK has delivered more than 5,000 systems to its Partners. This year, we are celebrating our 35th anniversary in Poland—a milestone we can be proud of. Our financial results show not only the scale of the business, but also the steadily increasing quality of the business and the effectiveness of the strategy we are executing. Today, SECO/WARWICK employs more than 900 people, whereas at the beginning it was a small group with a vision, expertise, and a willingness to take risks. But today we are not focused on the past. On the contrary, we want to actively help shape the industrial future—not only of Poland, but of the entire world,” added Katarzyna Sawka, Vice President of Marketing at the SECO/WARWICK Group.”
(Background; It is no secret that Europe in general and Germany in particular have struggled recently for a number of reasons including very high energy pricing. This turmoil has effected captive and commercial heat treaters and industry suppliers-“ELIOG”, mentioned here is one such casualty. Recently the company had annual sales of approximately 8 million Euros-roughly $9 million USD).
“ELIOG Industrieofenbau Reorganizes Under Self-Administered Insolvency May 8, 2026
Continuing business operations with 74 employees, preserving the company’s substance, advancing and implementing a restructuring plan
Customers reducing or postponing planned orders
Dirk Eichelbaum of dhmp Restrukturierung appointed as authorized representative, Dr. Nicolai Fischer of White & Case appointed as preliminary insolvency monitor
Römhild / Meiningen, May 8, 2026“Stefan G. Mairiedl, restructuring managing director of ELIOG Industrieofenbau GmbH since April 2026, has filed an application with the competent local court in Meiningen to initiate self-administered insolvency proceedings. The court approved the application and appointed Dr. Nicolai Fischer of White & Case as preliminary insolvency monitor.
“ELIOG Industrieofenbau is exemplary of the specialized mechanical engineering sector in eastern and central Germany: technically sophisticated, internationally active, and shaped by its medium-sized business structure,” explains Dirk Eichelbaum of dhmp Restrukturierung. He is supporting the company as authorized representative. “The objective of the proceedings is to preserve the substance of the company, advance a restructuring plan, and implement it wherever possible with the active support of an investor.” “The application was necessary because the company will foreseeably be unable to settle claims and due liabilities in full and on time,” explains Managing Director Mairiedl. “Customers are engaged in intensive discussions, reducing planned orders or postponing them until 2027. At the same time, international price competition is intensifying. We are continuing normal business operations without restriction and, together with the preliminary insolvency monitor, are reviewing all options for maintaining stable cooperation with customers and partners.”The wages and salaries of the company’s 74 employees are secured through insolvency benefits up to and including June 2026.”
About ELIOG Industrieofenbau; ELIOG Industrieofenbau GmbH, headquartered in Römhild, Thuringia, is a specialized provider of customized industrial furnaces and heat treatment systems. With nearly 80 employees, the company develops and manufactures individually designed thermal process solutions for demanding industrial applications, including the automotive and e-mobility industries, aerospace, metallurgy, plastics, glass, and electronics industries.
ELIOG’s profile is defined by its high level of process and engineering expertise, a strong in-house manufacturing depth, and a consistent focus on customer-specific special solutions. This is complemented by long-term service capabilities and the ability to deliver complex systems, including automation, from a single source — a clear advantage in technology-driven niche markets.The company was founded in Düsseldorf in 1924 as a manufacturer of electric industrial furnaces. During the Second World War, operations were destroyed and relocated in 1943/44 to Römhild in what is now Thuringia. During the GDR era, the company operated under the name VEB Elektro-Industrieofen- und Gerätebau; following German reunification, it underwent administration by the Treuhand agency and subsequent privatization. A lasting turning point came with the acquisition by the family-owned Rupprecht Group beginning in 2011. Since then, ELIOG has focused on customized high-end systems and most recently generated an average annual turnover of around eight million euros.”
A new AICHELIN rotary hearth furnace for the heat treatment of ring gears has been installed at the DAF-Trucks site in Eindhoven, Netherlands. The electrically heated system replaces a gas-fired furnace and is marking an important step toward modern, energy-efficient heat treatment technology.
STEP 1: Commissioning of the new rotary hearth furnace while the existing system continues operation in parallel.
For over 30 years Mr. Steve Cropper has been involved in the global heat treatment industry, originally with furnace builder/rebuilder/salt distributor “Park Thermal” (Park closed their doors a few years back which was no loss to the industry), VP of furnace builder “Can-Eng” for a number of years, Sales Manager at “Bodycote”, Canada and for the last number of years Sales Manager at “IMT Elemental” (formerly H & S Heat Treating), one of the larger commercial heat treaters in North America.
