Refractories maker Shinagawa Refra agreed to buy 51% of Dynamix Casting Fluxes from its three founders through a new US holding company. Dynamix makes mold flux, a powder that covers molten steel in continuous casting to stop oxidation. It had about ¥1.8 billion in 2024 sales. The price was about $38.3 million. About Dynamix Dynamix Casting Fluxes is based in Huntingdon, Tennessee, and sells to steelmakers across North America. In 2024 it earned an operating profit of about ¥135 million on its sales. Shinagawa paid about 3.4 times Dynamix's yearly sales for just over half of the company. The structure Shinagawa set up a new US holding company, Shinagawa Americas Holdings, to make the purchase. The founders keep the other 49%. DC Advisory advised Shinagawa and led the talks with Dynamix.
