St Patrick’s Day is celebrated in the USA on March 17 in 2016. St Patrick’s Day is not a legal holiday in the United States. This day widely recognized and observed throughout the country as a celebration of Irish and …
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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
3 Comments
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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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
What is the Difference between Die Casting and Investment Casting?
The Difference between Die Casting or Investment Casting. If you are to select, what will you favor more; die casting or investment casting process? Choosing between the two is quite a quandary since they have some comparable features. To help you select, this article will help you by presenting the rewards of both techniques.
Advantages of Die Casting
1. Die casting delivers difficult shapes with a reasonably high level of accuracy linked to other mass production technique.
2. Die cast parts are being fashioned at a quicker rate than most of the processes. Also, it needs little to no secondary machining.
3. Due to its high accuracy when it comes to details, die cast parts are dimensionally stable. In totaling, it is also long-lasting.
4. The surface of die casting parts is fairly smoother than the metal cast parts shaped by other methods. Also, the surface could be fashioned with a wide variation of uniformities.
5. Die cast parts, compared to the metal castings fashioned by other methods, can be accomplished with thinner walls.
Advantages of Investment Casting
1. Investment casting brings the designer the freedom and malleability of almost myriad alloy choices, and also elasticity in inside and outside configurations.
2. Investment casting parts are industrial in a way that only trivial secondary machining is vital.
3. Investment casting procedure doesn’t have any draft requirements, making it more exact when it comes to dimensional conformance.
4. One thing that Investment casting could assert about is its benefit in aesthetics. Fine details and intricate features, texts and logos are positively attainable.
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This is the blog on the Kinetic Die Casting Company web site. We produce and make Audio Speaker Frames. Look at this website page for more details: www.kineticdiecasting.com/speakers.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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