Faircast Inc., gray and ductile iron foundry in Fairfield, IA, acquired Galesburg Castings Inc. in Galesburg, IL. The value of the purchase was not announced. The two businesses are about 90 miles distant but share several common customers, according to the buyer’s announcement, which will "help in making this a smooth transition."
The goal of the combination is capacity consolidation, but no timetable was announced for combining the two operations at the Iowa foundry.
In its announcement, Faircast Inc. stated the “acquisition solidifies the vision of increasing profitability and revenue while maintaining diversity and competitiveness in the industry."
Galesburg Castings, established in 1994, produces gray and ductile iron castings up to 80 lbs., including austempered ductile iron, for manufacturers of construction equipment, pumps and compressors, agricultural machinery, valves, and railroad cars, among other markets. It also offers machining, painting, assembly, and numerous other services for casting buyers.
Faircast — formerly Fairfield Casting LLC and previously Dexter Foundry Inc. — is a green sand foundry producing up to 170,000 tons/year of parts from 1 to 100 lbs., for pump housings, drums, agricultural equipment, railroad systems, and similar applications.
Faircast said the purchase would bring it "one step closer to a major modernization that includes new molding lines and sand systems." It offered no schedule for that proposal.