Miller Centrifugal Sold to Austrian Firm
Released on August 4, 2009
Miller Centrifugal Casting Co. (MCC), Cecil, Pa., announced it has been sold to Eisenwerk Sulzau-Werfen (ESW), Tenneck, Austria.
According to a press release issued by the company, MCC will continue to operate as usual under its current name but will have an expanded global market presence under roll and sheet caster ESW. Terms of the sale were not disclosed.
“This acquisition reflects a strategic growth initiative enabling ESW and its wholly-owned subsidiary MCC to pursue new and emerging global market opportunities in the metals sector,” said MCC’s President Ian Sadler. “The combination of their technological strengths, R&D capabilities and dominant market positions yields superior capacity for expansion and long-term sustainability. Additional capital investment by ESW is anticipated at MCC, as well as the creation of new jobs in the future.”
ESW produces rolls for the steel industry (hot rolling mills for flat rolled products) and currently exports to more than 50 countries. MCC casts steel mill sleeves used in the production of long products, as well as large gear blanks used in the power generation, metal, mining and construction equipment markets, on its vertical centrifugal casting lines. The company had estimated revenues of nearly $21 million in 2008.
According to the MCC press release, the company will retain all of its 47 employees.
Source: http://www.moderncasting.com/content/view/789/101/
Tags: American Business
