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Doncasters investment casting

Doncasters Restructures to Focus on Casting

Dec. 10, 2019
Investment casting and superalloys specialist also renegotiated its debt to gain liquidity

Doncasters Group Ltd. is implementing a "new operating model" that emphasizes precision casting and superalloy production, and organized into two geographic divisions led by two managing directors, Jason Mays in the U.S. and Simon Ward Europe. "This structure will create a more agile and efficient operational organization, alongside devolved commercial responsibility," the group reported recently.

The Doncasters’ Trucast investment casting business will remain a separate division of the group under separate leadership.

Following the organizational news DGL, headquartered in Burton upon Trent, England, reported it entered into an agreement with a majority of its first-lien and second-lien lenders to implement a financial restructuring, recapitalizing the business, reducing its bank debt, and providing new liquidity. In exchange, ownership of the group will transfer to the senior lenders, which is expected during Q1 2020.

Doncasters' casting operations —including Certified Alloy Products, Doncasters Precision Castings – New England, and Doncasters Southern Tool, all in the U.S. — are investment casting plants producing aerospace and industrial gas turbine parts, aerospace structural castings,

The superalloy business produces vacuum- and air-melted ferrous, nickel-base, and cobalt-base superalloy bar stock used to cast and fabricate turbine blades and vanes and other components for aerospace engines and land-based gas turbines, hot-end turbocharger wheels, medical prostheses, and other components requiring high metallurgical integrity.

The restructuring announcement came together with news that Doncasters sold several its aerospace forging and fabrication operations in the U.K. to Arlington Capital Partners for an undisclosed prices. The forging business is in Blaenavon, Wales, and the two fabrication operations are in Sheffield and Shrewsbury, England.

Doncasters separately sold the Doncasters Precision Forge closed-die forging operation in Sheffield to IFA Precision Forge, an adjacent open-die forging manufacturing that historically operated as part of a combined Doncasters forging group. Again, no value was reported for this sale.

In September Doncasters sold off an aerospace precision casting plant in Settas, Belgium, and the group has indicated it plans "several smaller disposals" during the remainder of 2019.