Private-equity group TMB Industries announced it has bought Milwaukee-based Stainless Foundry & Engineering Inc. for an unreported price. Stainless Foundry & Engineering produces steel, low-alloy and stainless steel, and other high-alloy composition castings (e.g., nickel, cobalt, and copper based alloys), using green sand, no-bake, and investment casting processes.
Chicago-based TMB Industries, Chicago, concentrates its investments in industrial organizations, and says it will "leverage (its) expertise of investing in and managing foundry operations." In March of this year, TMB acquired Richland Center Foundry, a producer of large ductile and gray iron castings for mining and construction equipment, also in Wisconsin.
Chairman Thomas Begel stated: "The acquisition of Stainless Foundry & Engineering is TMB's second recent acquisition of a foundry business focused in a premium niche. TMB looks forward to providing Stainless with the resources necessary to enhance the business and support its continued growth."
Stainless Foundry was established in 1946, and produces complex, engineered castings in low to medium volumes, in more than 250 alloys. It also offers machining capabilities.
Investor Group Acquires Stainless Foundry & Engineering
TMB bought Richland Center Foundry earlier this year