AmeriCast Technologies Inc. reports it has sold its Prospect Foundry subsidiary in Minneapolis to TMB Industries, a Chicago-based private equity firm, for an unreported price. The sale was effective February 1.
Prospect Foundry produces gray iron, ductile iron, and austempered ductile iron up to 250 lb., in short to medium runs. Tom Woehlke, president of Prospect Foundry, will remain with the company under its new ownership.
TMB is a holding company, based in Chicago, which has acquired two other foundries in the past 12 months: Stainless Foundry & Engineering, in Milwaukee; and Richland Center Foundry, in Richland Center, WI.
AmeriCast Technologies is a holding company for five foundries producing steel castings for various industries, including agriculture, defense, energy, mining, machinery, and railroad equipment, among others. It is owned by Castle Harlan Partners IV, with a minority stake held by the Australian foundry group Bradken Ltd.
AmeriCast’s current operations are: Atchison Steel Castings, Atchison, KS, and St. Josep, MO; Amite Foundry, Amite, LA; London Precision Machining, London, ON; and Atlas Castings and Technology, Tacoma and Chehalis, WA. It also has a marketing and sourcing division, AmeriCast Global Services.
AmeriCast CEO Tom Armstrong, stated that, “The sale of Prospect reinforces the AmeriCast mission to be the supplier and employer of choice providing high value-added, large, complex, mission-critical steel castings and to sell that value to the customer.”
AmeriCast Sells Prospect Foundry to TMB
TMB expands to three operating units