Aluminum Handles – Purchasing the Best Hardware Handle. Any construction worker dreams of working with lightweight materials and components that are sure to withstand the test of time. A lot of clients of die casting companies look for aluminum hardware …
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Empire Die Casting Co Files Chapter 11
The leadership at Empire Die Casting Co. of Macedonia has filed for Chapter 11 bankruptcy protection and hopes to sell the company soon. New Growth Capital Group LLC of Hudson has submitted a letter of intent to acquire the assets of Empire Die Casting for $11.7 million in cash. New Growth Capital Group would be designated as a stalking horse bidder for the auction, and Empire Die Casting would pay a break-up fee of $180,000 if New Growth Capital Group is out-bid.
Carl Harbert, managing partner of New Growth Capital, said the small group of operators is looking to buy companies in which they can remain invested for 30-plus years. Empire Die Casting would be New Growth Capital’s first acquisition.
Robert Hopkins, president of Empire Die Casting, declined to disclose potential buyers of the business, but did say the interested parties plan to keep the aluminum and zinc casting company in Macedonia and to grow it.
Mr. Hopkins said the desire to sell the company has come up in the last two months. He said the company’s owner is looking to retire and get out of the business.
The bankruptcy was filed Oct. 16 in U.S. Bankruptcy Court in Akron. The company listed assets of between $10,000,001 and $50 million, and liabilities of between $1,000,001 and $10 million. There are about 200 employees at the company’s plant at 635 E. Highland Road.
The bid deadline listed in the bid procedures order is 5 p.m. Dec. 16. Marc Merklin, a managing partner in the Akron office of law firm Brouse McDowell LPA, said the court will hear the request for the bid procedures on Nov. 5. Until then, the terms in the referenced documents are not final.
The main hurdle Empire Die Casting faces is a potential liability in its multiemployer pension plan, which it’s addressing through the Chapter 11 bankruptcy filing. New Growth Capital’s letter of intent specifies that its proposed purchase would exclude rights, interests and liabilities regarding employee collective bargaining agreements and employee retirement/pension/benefit plans, among other corporate governance materials.
Mr. Merklin said the pension plan has a multimillion-dollar liability and is “unworkable” as is. He said with a multiemployer plan, when one employer withdraws from the plan, it puts pressure on the others. That means penalties for such plans are high.
According to a document included in the Chapter 11 filing, Empire Die Casting had $34 million in sales last fiscal year. The document notes that profitability and cash flow for the company have decreased in recent years due to “production inefficiencies.” The company also saw an increase in indirect costs and “ineffective implementation of a new enterprise resource planning (ERP) system,” which made it difficult for Empire Die Casting to manage its costs and pricing.
(citation http://www.crainscleveland.com/article/20131024/FREE/131029883)
See the Kinetic Die Casting Company Blog prior post:
Empire Die Casting Company Bankruptcy Filing
(citation http://www.amm.com/Article/3268180/Empire-Die-Casting-files-for-bankruptcy.html)
Kinetic Die Casting Company. The parts we make today, we ship today. Contact Kinetic Die Casting Company and ask how we can help your company.
Kinetic Die Casting Company (http://www.kineticdiecasting.com)
6918 Beck Avenue
North Hollywood, California 91605
818-982-9200
sales@kineticdc.com
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Empire Die Casting Company Bankruptcy Filing
Empire Die Casting Company Bankruptcy Filing – CHICAGO — Empire Die Casting Co. Inc. has filed for Chapter 11 bankruptcy protection and is seeking court approval to be acquired by a company that would operate it as a going concern. The Macedonia, Ohio, aluminum and zinc parts maker cited production problems as well as high labor and freight costs as reasons for filing the petition according to documents filed in U.S. Bankruptcy Court in Ohio.
Empire Die Casting, owned 97.7 by Chairman and Chief Executive Officer, Richard Rogel, also blamed its troubles on the ineffective implementation of the new enterprise resource planning system, according to court documents.
(citation http://www.amm.com/Article/3268180/Empire-Die-Casting-files-for-bankruptcy.html)
Kinetic Die Casting Company is saddened that another US Manufacturer is experiencing difficulties in the US marketplace today. Many manufacturers are faced with the same problems as Empire. We, on the other hand, are experiencing growth through better delivery and better quality from our lean manufacturing processes. The parts we make today, we ship today. Contact Kinetic Die Casting Company and ask how we can help your company.
Kinetic Die Casting Company (http://www.kineticdiecasting.com)
6918 Beck Avenue
North Hollywood, California 91605
818-982-9200
sales@kineticdc.com
http://www.facebook.com/kineticdc
#kineticdc @kineticdc
Posted in Die Casting Company
Tagged Business, Die Casting Company, Kinetic Die Casting Company, Manufacturing
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An Enclosure for Electronics
An Enclosure for Electronics. Electronic items need a special type of enclosure because, unlike common items, they are prone to damages other than those caused by physical contact. They can be rendered unusable if placed near or subjected to a source of magnetic energy. This is because electronic items use electrical energy to create magnetic energy in order to function. An external source of magnetic energy would “confuse” their system, so to speak, and would prevent them from functioning normally. This is why electronic items are stored inside aluminum boxes.
Aluminum boxes are containers that prevent external sources of magnetic energy from reaching an electronic item. These boxes use the fundamental principle of physics that magnetic energy travels only on the exterior of an enclosed object. Usually, aluminum boxes can be seen in hardware stores or DIY stores. However, the problem with these boxes is that they come in pre-determined sizes. Electronic items need to be secured in place as they are being carried around to reduce the chances that they will acquire damage. It is therefore advised to contact a manufacturing plant in order to find an aluminum box that has the exact specifications for the electronic item.
Manufacturing company create these boxes only if they manufacture aluminum based products. Customers need to contact the manufacturing plant and then give the specifications that they desire. The plant will then give a quote for the total cost of the order. Depending on the manufacturing plant, orders may either be accepted individually or in bulk.
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This is the blog on the Kinetic Die Casting Company web site. Using die casting to make Aluminum Heat Sink Parts. Look at this website page for more details: www.kineticdiecasting.com/heatsink.html. Contact Kinetic Die Casting Company at 818-982-9200 or email us at sales@kineticdc.com. Use this webpage to request “die casting part prices” www.kineticdiecasting.com/replyform.html
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The Die Channels In Tooling Used For Aluminum Die Casting
The Die Channels In Tooling Used For Aluminum Die Casting. In die casting, the flow of molten metal into the cavity requires several types of channels which are integrated into each die. Such cavities differ slightly for a hot chamber device and a metallic cold chamber machine. In hot chamber based machinery, the molten metal will be entering through the die through a piece of device called a sprue bushing and will then flow through the sprue spreader, which is found in the ejector die. The sprue bushing is heavily attached to the cover die. Sprue refers to the primary channel in which the molten metal will be entering the die cast tool.
In cold chamber type machinery, the molten metal will enter through the injection sleeve and after entering the area, the molten metal will flow through a series of runners. Then, the molten metal will then proceed through the gates of the parted cavities, similar to the process found in the hot chamber machine. The cavities have an extra special space called the overflow wells which provides additional source for molten metal during the solidification process. When the casting starts to cool off, the molten aluminum metal will then shrink and additional metals are required.
Lastly, the small channels which are included will act as the venting holes so that air will be able to escape the die cavity. These added channels will also allow water or oil to flow through the die in order to reduce the heat. That is why such channels are also referred to as the cooling channels.
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This is the blog on the Kinetic Die Casting Company web site. Kinetic Die Casting is a Die Casting Company. Look at this website page for more details: www.kineticdiecasting.com/profile.html. Contact Kinetic Die Casting Company at 818-982-9200 or email us at sales@kineticdc.com. Use this webpage to request “die casting part prices” www.kineticdiecasting.com/replyform.html
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Alloy Die Casting Company Buena Park California Sold
Alloy Die Casting Company located in Buena Park California has Sold – MCLEAN, Va., Oct. 3, 2013 /PRNewswire/ — Gladstone Investment Corporation (NASDAQ: GAIN) (“Gladstone Investment”) announces today that on October 1, 2013, it invested $16.3 million in a combination of debt and equity to purchase Alloy Die Casting Co. (“ADC”). Gladstone Investment’s affiliated company, Gladstone Capital Corporation (NASDAQ: GLAD) participated as a co-investor by providing $7.0 million of debt and equity financing on the same terms as Gladstone Investment in support of the acquisition.
Alloy Die Casting Company was founded in 1946 and headquartered in Buena Park, CA, ADC is a manufacturer of high quality, finished aluminum and zinc castings for aerospace, defense, aftermarket automotive and industrial applications. ADC provides its customers with engineering support and custom tool design and fabrication as well as in-house machining and finishing capabilities.
“Gladstone Investment is excited to partner with ADC’s talented and experienced management team. We look forward to the continued growth of the business and building upon the success of the management team over the past few years,” said Greg Bowie, a Director, Private Finance, of Gladstone Management Corporation, Gladstone Investment’s affiliated investment adviser.
Gladstone Investment Corporation is a publicly traded business development company that seeks to make debt and equity investments in small and mid-sized businesses in the United States in connection with acquisitions, changes in control and recapitalizations. Gladstone Investment has paid 99 consecutive monthly cash distributions on its common stock. Additional information on this transaction can be found at www.gladstonecompanies.com.
(source: http://online.wsj.com/article/PR-CO-20131003-906560.html)
According to a news release from Gladstone Investment Corp., Alloy Die Casting in Buena Park has been purchased by Gladstone for $16.3 million in combined debt and equity.
“Gladstone Investment is excited to partner with ADC’s talented and experienced management team. We look forward to the continued growth of the business and building upon the success of the management team over the past few years,” said Greg Bowie, a Director, Private Finance, of Gladstone Management Corporation, Gladstone Investment’s affiliated investment adviser.
Gladstone Investment, located at 1521 Westbranch Drive, Suite 200, in McLean, Virginia, is one of four affiliated investment companies. Gladstone Commercial Corporation, Gladstone Capital Corporation, and Gladstone Land Corporation are the other three.
Gladstone Capital Corporation participated as a co-investor in the purchase of Alloy Die Casting.
Alloy Die Casting Company is located at 6550 Caballero Blvd. in Buena Park. It was formerly operated by Sanders Industries in Long Beach as its only casting subsidiary. With the sale of Alloy Die Casting to Gladstone, Sanders will operate five polymer subsidiaries: Rubbercraft® Corporation of California, based in Long Beach; Northern Engineering (Sheffield) Ltd., based in Sheffield, England; Creavey Seal Company, based in Olyphant, Pennsylvania; Sanders Composites Inc., based in San Diego; and Fabritech Inc., based in West Chester, Pennsylvania.
Alloy Die Casting has been manufacturing complex die castings using aluminum, zinc, and zinc/aluminum alloys since 1946. In October of 2010, the company acquired Los Angeles Die Casting, a manufacturer of die cast products for industrial and aerospace applications, and consolidated operations in their Buena Park headquarters.
(source: http://www.oc-breeze.com/2013/10/05/39932_buena-parks-alloy-die-casting-sold-to-virginia-based-investment-company/)
Kinetic Die Casting Company
Kinetic Die Casting Company wishes to say “GOOD LUCK” and hopes the employees and staff of Alloy Die Casting Company success in continuing die casting operations in the Buena Park, California location. When Delmar Die Casting Company sold, the buyer moved all manufacturing operations to another state. Should things change for the ADC employees or staff, please remember Kinetic Die Casting when you are looking for your future.
Kinetic Die Casting Company (https://www.kineticdiecasting.com)
6918 Beck Avenue
North Hollywood, California 91605
818-982-9200
sales@kineticdc.com
#kineticdc @kineticdc
Posted in Die Casting Company
Tagged Business, Die Casting Company, Kinetic Die Casting Company, Manufacturing
14 Comments
