Mutares agrees deal to buy Steinmüller Engineering from Japan’s IHI

Type: Acquisition · Technology: Industrial · Country: Germany · Announced: 2026-09-29

Mutares agreed to buy Steinmüller Engineering from Japan’s IHI, according to the PE Hub report. Steinmüller Engineering is based in Gummersbach, Germany, and provides engineering, procurement and turnkey EPC services for combustion and incineration, air pollution control and heat transfer systems. The transaction transfers ownership of an EPC services business focused on combustion and incineration technologies from IHI to Mutares. The deal positions Mutares to acquire capabilities and contracts in industrial combustion, air pollution control and heat transfer markets in Germany and potentially broader European markets. The article did not disclose the transaction value, closing date or detailed terms of the sale.

Analysis

Mutares SE & Co. KGaA agreed to acquire Steinmüller Engineering from Japan’s IHI on 29 September 2026, with the transaction value not disclosed. Mutares is a German investment firm that acquires and restructures mid‑size companies in automotive, energy & technology, infrastructure & defense and other sectors. IHI is a Japanese industrial group that owned Steinmüller Engineering prior to the announced sale. Steinmüller Engineering is headquartered in Gummersbach, Germany and offers engineering, procurement and turnkey EPC services for combustion, incineration, air pollution control and heat transfer systems. The announcement did not provide a closing date or detailed terms of the sale.

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