Ajax Tocco Magnethermic has acquired the assets and intellectual property formerly known as Pillar from ABP Induction for an undisclosed price.
The Pillar brand is a line of induction heating systems, as well as aftermarket parts and service to a worldwide market. ABP Induction was formed in 2005 by a merger of ABB’s foundry services division with Pillar Induction. The sale includes operations in Brookfield, WI, and Sterling Heights, MI, but it does not include ABP Induction melting operations in North Brunswick, NJ, and Massillon, OH. Nor does it include ABP’s international operations, such as ABP Induction Systems Shanghai, previously Pillar Shanghai.
Both Ajax Tocco Magnethermic and ABP Induction emphasized their commitment to ensuring uninterrupted support for the customers through the transition. ATM plans to relaunch the Pillar Induction brand as its own business unit. All Pillar products will continue to be sold, and all its customer markets will be supported, it said.
“The Pillar brand has a long and respected history,” according to Thomas Illencik, Ajax Tocco Magnethermic president. “We are excited to bring the technical heritage of Pillar together with Ajax and Tocco. We look forward to expanding the sale of these products through the ATM’s worldwide operations while we continue to serve their existing customer base.”
ABP Induction CEO Paul Decker explained that, “with excess capacity in the U.S. induction heating equipment market today and for the foreseeable future, we believe consolidation is necessary. This transaction provides an attractive return to our shareholders while freeing resources for ABP to focus on its core foundry market and induction heating outside of North America, particularly in the rapidly growing markets.”
Ajax Acquires, Will Relaunch Pillar Induction
ABP exec observes that consolidation is necessary