An investor group recently purchased an automotive aluminum diecasting plant in Russellville, KY, from the Rane Group for an undisclosed price. Rane Precision Die Casting has been rebranded as Russellville Engineered Castings Inc by the new owner, Kentucky Industrial Holdings Inc.
The plant’s product portfolio includes a wide range of housings as well as HVAC components.
Established in 1956 by Rockwell Automation as a captive aluminum diecasting operation, the business had gone through a series of owners until Rane’s acquisition in 2016. “Despite several million in capital investments, the company struggled to succeed under Rane ownership and risked eliminating 200 jobs from the community if a new buyer could not be found,” according to the new owner’s announcement.
The buyers’ statement emphasized that the 200 jobs had been preserved.
Kentucky Industrial Holdings is led by Todd DiBenedetto and partner Mark Heinze, whose record of manufacturing investments and turnarounds includes Benada Aluminum Products, a Sanford, FL, aluminum extruder; Savannah Industrial Solutions, a metal fabricator in Savannah, TN; Anderson Manufacturing, a specialty fastener manufacturer in Bristol, WI; Lyon Metal Products, Montgomery, IL; and LB Metals, Harvey, IL.
"Mark and I see an opportunity to work with the talented team in Russellville to grow this business as we invest in the community," DiBenedetto stated. "We've helped turn around several companies through a combination of expertise and capital. This business fits our criteria perfectly and while we have a lot of work ahead of us, we are optimistic about the team, the capabilities and growing the customer base."