- Special Sections
- Public Notices
WAUPACA, Wis. – Waupaca Foundry Inc., the world’s largest producer of ductile- and gray-iron castings, announced Tuesday Hitachi Metals Ltd. has signed an agreement to acquire the company from its current owner, KPS Capital Partners LP, a New York-based private-equity firm.
Since purchasing Waupaca Foundry in June 2012, KPS has supported continued operational improvement and capital investment into the company, officials said in a news release announcing the change. As a direct result of KPS’ support, production capacity has expanded at all six foundries, business has steadily increased, and more than 200 new jobs have been added since 2012, they added.
“This investment by Hitachi Metals in Waupaca Foundry’s world-class facilities and capabilities is a validation of what we have accomplished over the past two years and signals a strong commitment to manufacturing and the foundry industry in the United States,” said Gary Gigante, president and chief executive of Waupaca Foundry. “Partnering with Hitachi Metals will bring Waupaca Foundry significant global strength that will help us drive continued expansion. We share Hitachi’s vision for the future of our business in the United States and its many growth opportunities in global markets. Our new partnership with Hitachi Metals will present great opportunities for our employees, customers and suppliers, and we anticipate a seamless transition.”
“Two years ago, KPS recognized the significant potential of our business,” he continued. “Together we transformed Waupaca Foundry into a world-class manufacturing company, grounded in a culture of continuous improvement. KPS has continually emphasized growth in our business and for our people, and I’m very appreciative of their leadership and contributions as we move forward to this next stage.”
Waupaca Foundry employs approximately 3,900 people at its foundry operations in three states producing gray and ductile iron castings using state-of-the-art technology, the news release continues. The foundry serves customers in the automotive, commercial truck, agriculture, construction and other industrial markets.
Hitachi Metals was founded in 1910 as the Tobata Foundry and has a strong tradition in iron casting production, metal technology and machining services. The corporation operates foundries the United States, Japan, Korea and India and is headquartered in Japan.
The closing of the sale is expected in the fourth quarter of 2014.