Local investors in Bettendorf, IA, acquired the assets of Sivyer Steel from a federal bankruptcy court for a reported $6.5 million, with plans to update the steel foundry and its manufacturing systems. No specific capital-investment program has been announced.
The steel foundry has been operating in the eastern Iowa city since 1962, but its history dates back more than a century. The business filed the bankruptcy claim in March, after which “(the) management implemented a plan to re-structure finances, update production, and ramp-up sales efforts,” according to a posted statement. “The market response was favorable. Customer orders increased; jobs were preserved; and, Sivyer returned to profitability and industry leadership.”
The new Sivyer Steel Castings LLC is headed by CEO Mike Baxley and president Keith D. Kramer. The current employment is 240, but local reports indicate the company aims to increase its workforce.
Sivyer Steel Castings LLC operates coremaking, airset molding, and melting in three 24,000-ton capacity electric-arc furnace. Castings range from 50 to 24,000 lbs.
In addition, the operation offers Magnaflux and other non-destructive testing capabilities, and the metallurgical lab offers tensile testing, hardenability, metallography, and macroetching. Electrical Discharge Machining is offered, too. Multiple surface finishing options, finish machining, and welding are available.
Sivyer Steel Castings LLC products are medium- to large-sized steel castings for mining equipment, military systems, manufacturers of passenger rail stock, and oil-and-gas service industries.