Cast Corporation acquired by Group M7
The Metal7 Inc. division of M7 Group, Sept-Îles, Quebec, has announced its acquisition of the assets of the Cast Corporation foundry (Hibbing, Minnesota), which specializes in the design and manufacture of high-performance castings for furnaces, as well as special alloy castings mainly for iron ore pelletizing plants. The newly formed entity is CAST7 LLC.
Founded in 1994, Cast Corporation is located in northern Minnesota’s Iron Ore Range. Its expertise in iron ore pelletizing plants complements Metal7’s highly specialized range of solutions, reinforcing Group M7’s reputation in the industry.
“With a culture of innovation already well established within Group M7, the addition of Cast7 LLC will create synergies that will help us pursue our mission of increasing our clients’ productivity while reducing their environmental footprint,” said Eric Martin, President and CEO of Group M7. “With our expertise in international trade and financial capabilities, this transaction will allow Metal7 Inc. to develop markets around the world and accelerate the development of its range of solutions.”
Tim Bungarden, president and CEO of Cast Corporation said, “The size of the global market is enormous. The expertise and resources of Metal7 Inc. will be a catalyst to drive Cast7 LLC.”
“The creation of CAST7 is part of our expansion and consolidation strategy intended to create a Canadian leader in high value-added products and services for the mining industry, a company whose expertise is recognized internationally,” said Bruno Fortin, Chairman of the Board of Directors of Group M7.