Investment caster Signicast announced that vice president of sales and marketing Todd McDonald has been named the company’s new president and CEO. Walter (Terry) Lutz, Jr., who had held those titles, is retiring. Greg Gasper, former vice president of Manufacturing, has been promoted to chief operating officer.
Signicast produces investment castings in low-carbon steel, stainless steels, tool steels, and nickel- and cobalt-based alloys, for various industrial markets. It calls itself “the largest strictly commercial investment casting company in the world,” and its customers include engine, valve, and power tool manufacturers. Last year, it initiated a $50-million expansion plan. In an interview, McDonald explained that the foundry already has six manufacturing plants at two sites, Milwaukee and Hartford, WI, and the expansion underway now at a site adjacent to the Hartford operation will encompass five more manufacturing modules in the near future.
Lutz joined Signicast in 1974 and is credited as “the driving force” behind its growth. He was its majority owner from 1981 until its 2008 purchase by The Pritzker Group, a private-equity firm.
“Strong, visionary leadership is among our primary investment criteria and there is no question that Terry Lutz made Signicast the leading player in the industry,” stated Tony Pritzker, managing partner of The Pritzker Group and Signicast board chairman. “We are fortunate to have found in his successor, Todd McDonald, the perfect candidate with the vision and experience to build on Terry’s legacy.”
According to McDonald, “Terry was a true leader and a man ahead of his time. It is up to everyone here at Signicast to ensure his legacy continues far into the future. If we focus on Terry’s ideals of continuous improvement and customer satisfaction, the future will be very bright for everyone here at Signicast.”