June 13, 2006 -- According to local press reports, a New York investor group has acquired England's Metal Castings Ltd. in a bankruptcy sale, and intends to invest in the aluminum diecasting operation to improve its standing in the European market.
Metal Castings Ltd., Worcester, England, produces high-pressure diecastings for Britain's appliance and automotive markets. According to the Worcester Standard it was placed in the control of administrators in late April, and identified rising raw material costs and the loss of key contracts for its troubles. The company employs 240, and those jobs are said now to be secure.
Marathon Asset Management, New York, purchased all the business and assets of Metal Castings Ltd., and the newspaper quoted a spokesman for Marathon as saying the business is well-capitalized and carries no debt, and will continue in business as usual, with the goal of growing organically and through acquisition.