Industry News

Ares Commercial Finance has provided a $100 million senior secured credit facility to Pace Industries LLC, an entity owned by funds and accounts managed by TCW Asset Management Co. and by affiliated funds and accounts of Cerberus Capital Management, L.P. Headquartered in Fayetteville, Arkansas, Pace Industries is one of North America’s largest high-pressure aluminum, magnesium and zinc diecasting companies serving over 400 OEMs/Tier 1 customers. 

Pratt & Whitney (East Hartford, Connecticut) a division of Raytheon Technologies Corp. says it plans to invest at least $650 million through 2027 in a world-class turbine airfoil production facility in Asheville, North Carolina. The 1-million-square-foot facility will house an advanced casting foundry for the production of turbine airfoils; the company will also conduct machining, coating and finishing of airfoils at the new location.

Ryobi Die Casting (USA), Inc. (Shelbyville, Indiana), a supplier of large complex aluminum die castings, was recognized for a third consecutive year late this summer with an Excellence in Quality & Delivery Award from Honda. As one of only 26 out of 735 OEM parts suppliers serving Honda with parts for mass production to be awarded, Ryobi ranks in the top 3.5% of Honda North America’s excellent supply base for quality and delivery. 

AFS Corporate Member General Motors (Warren, Michigan) announced on September 28 it will invest $71 million into two Ohio manufacturing facilities including $32 million at its Defiance casting plant to prepare the facility for future engine casting components work. 

LPM Group (Bovolenta, Italy) a supplier of machines, equipment and tooling for aluminum and magnesium low pressure and gravity die casting, has acquired 100% of the share capital of FATA Aluminum LLC in Auburn Hills, Michigan.

AFS Corporate Member The H.S. Group, (Green Bay, Wisconsin), a talent management services firm, has acquired Career Momentum Inc. of Madison and Milwaukee. 

Vibratory equipment maker General Kinematics (GK), an AFS Corporate Member based in Crystal Lake, Illinois, marked its 60th anniversary in September. GK thanks its employees, customers and community for their continued support. 

In a company released statement, GK says, “It is the culmination of talent from every GK employee that has led General Kinematics to where it is today.” 

Signicast, a Form Technologies company, has signed a partnership with DDM to offer the convenience and speed of ceramic 3D printing with the precision of investment casting.

“DDM is extremely proud to join hands with Signicast to modernize investment casting while offering speed, complexity and value to customers. This partnership greatly accelerates the introduction of DDM’s ceramic 3D printing based Digital Foundry offering to the market,” said Dr. Suman Das, founder and CEO of DDM.

The Environmental Protection Agency has selected AFS Corporate Member Clow Valve Co., a metal casting facility in Oskaloosa, Iowa, for a Region 7 2020 Pollution Prevention (P2) Award, which will be formally presented during ceremonies at the Midwest Environmental Compliance Conference in December.

The EPA Region 7 P2 Awards celebrate organizations across the Heartland that have successfully implemented pollution prevention projects. P2 is defined as any practice that reduces, eliminates or prevents pollution at its source.

IBC Advanced Alloys Corp., (Franklin, Indiana) has been awarded $1.9 million in new orders for investment-cast, beryllium-aluminum (“BeAl”) components from a major U.S. defense contractor. The purchase order is for additional BeAl components currently manufactured by IBC, as well as for new BeAl components, both of which the company expects to produce by the end of 2020.