Trive Capital (Dallas), a private equity firm, through its affiliate WDC Acquisition LLC has acquired substantially all of the assets of Wellman Dynamics Corporation (Creston, Iowa) pursuant to Section 363 of the U.S. Bankruptcy Code. Wellman is an aerospace supplier that manufactures large scale, complex magnesium and aluminum castings for the defense and commercial aerospace markets and other industrial segments.
The sale closed May 7.
Hitchiner Manufacturing Co. Inc. announced plans to expand its New Hampshire operations with the construction of a new, 85,000-square-foot facility on the company’s Elm Street Campus.
The building represents a multi-phased $50 million capital investment and will house operations to support new growth in markets Hitchiner currently serves. The investment is contingent on securing financing and permits from the town and state.
AFS Corporate Member Smith Foundry Company (Minneapolis) announced it will participate in the Industrial Manufacturing Technician (IMT) Apprenticeship program, an 18-month long, 3,000-hour program that will build a pipeline of highly qualified and diverse individuals prepared to enter middle- and high-skilled occupations within the manufacturing sector.
Tooling & Equipment International (Livonia, Michigan) has won the AFS/Metal Casting Design & Purchasing Casting of the Year award for its motorcycle Cyclotron swingarm. TEI teamed with software company Autodesk to design and produce a casting that provides the ultimate performance characteristics with the minimum weight.
Grupo Industrial Saltillo, S.A.B. de C.V., a Mexican multinational industrial conglomerate serving the automotive market, with a presence in the construction and housewares sectors, announced the consolidation of the three auto parts businesses – CIFUNSA, ACE and INFUN – into one unit named Draxton.
AFS Corporate Member McWane Inc. has purchased Waterman Industries (Exeter, California). Waterman manufactures water control products for water treatment, wastewater, agriculture, rural water delivery, hydro-power and flood control management.
Shiloh Industries Inc., a global supplier of lightweighting, noise and vibration solutions, completed its acquisition of its Brabant Alucast Italy and Brabant Alucast Netherlands.
The company will double production capacity for magnesium castings with this addition and says it will "become one of the leading global manufacturers of magnesium cross car beams as well as one of the largest automotive magnesium suppliers worldwide."
Accuride Corporation (Evansville, Indiana), a supplier of components to the North American and European commercial vehicle industries, announced that IndustryWeek magazine selected its Rockford Operations wheel end manufacturing facility in Rockford, Illinois, as a winner of the 2017 IndustryWeek Best Plants competition. The annual program recognizes North American plants that are on the leading edge of efforts to increase competitiveness and customer satisfaction.
AFS Corporate Member Applied Process Inc. (Fort Smith, Arkansas) an austempering heat treatment technology company, is expanding with a multi-million-dollar heat treatment plant in Fort Smith, Arkansas.
The 51,000 sq. ft. plant will house six furnaces and add at least 30 jobs. The plant is expected to be fully operational in the third quarter of 2018.
“We are very excited to announce our expansion in Fort Smith,” CEO Harold Karp said. “Record sales performance in 2016 and 2017, combined with a strong new product forecast, make this the right time to expand.”
AFS Corporate Member Oil City Iron Works (Corsicana, Texas) was named Large Business of the Year at the Corsicana & Navarro County Chamber of Commerce Gold & Silver Awards Luncheon.
The annual award is presented to businesses that make an impact to the local economy through growth and local trade, charitable endeavors, and compassion for employees, as well as a commitment to its customers. The iron foundry added more than 70 employees in 2017 and has continually supported local charitable organizations, schools and retail businesses.