A group of Worcester, MA, investors have formed Thermalcast LLC, after buying the assets of the former Kennedy Die Castings Inc. Thermalcast will manufacture advanced diecast parts and contract manufacturing for companies worldwide. Financial terms for the purchase were not reported.

Russell D. Davis, a diecasting industry veteran will be president and CEO of Thermalcast, and the company has hired 135 former Kennedy Die Castings workers.

"Once we reinforce our customer relationships, we will focus on two growth areas — diecasting of parts that require predictable thermal management properties of heat and value-added manufacturing," Davis said.

The new owners include Davis; Joseph J. Bafaro, who also owns J.J. Bafaro Plumbing and Heating; James Bruso, owner of Brierly Lombard & Co. Inc. of Worcester and G&W Foundry of Rehoboth, MA; Melvin S. Cutler, founder of Cutler Associates Inc. and Cutler Capital Management, and a founder of Flagship Bank & Trust in Worcester and Madison Bank and its holding company, Madison Banc Shares in Palm Harbor, FL; Grenier; Herb Rasnick, President of S. Rasnick Co. Inc. and Burton Waste Corp. of Worcester, and others.

Before heading Thermalcast, Davis operated R.D. Davis Consulting, LLC, in Holland, MI. Earlier he was president and chairman of Ube Corp.’s North American operations in Mason, OH; general manager of ITT Automotive Precision Castings in Cleveland; president and CEO of Inverness Castings Group of Beechwood, OH, and president of Madison Kipp Corp. in Madison, WI. He is a past chairman of the American Die Casting Institute (now the North American Die Casting Assn.)