Coastcast Sale to Fu Sheng Completed

Sept. 21, 2004
Investment caster will use California operation to enter medical, automotive markets

FS-Precision Tech Co LLC, a subsidiary of Taiwan-based Fu Sheng Industrial Co, Ltd. has acquired Coastcast Corp.’s manufacturing operations in Rancho Dominguez, CA. Coastcast is a supplier of precision titanium, cobalt, nickel, and steel investment castings to the medical, automotive, aerospace, tools, and equipment industries, but it announced plans to cease operation and liquidate assets in May of this year.

The all-cash transaction was valued at approximately $7.8 million. Coastcast’s golfing product line has not been sold, and it also retains its liabilities, accounts receivables, cash, and certain other assets.

Fu Sheng will use the new subsidiary to enter the medical and automotive markets, as a complement to its air compressor and golf-club head product lines.

"The investment casting experience and financial strength of Fu Sheng Industrial give us tremendous opportunity to build our orthopedic implant and titanium turbocharger impeller sales," said Mike Wellman, President of FS-Precision Tech. "We're looking forward to modernizing our facilities and processes to bring more value to our customers, and to seek additional markets for our precision castings."

Fu Sheng describes itself as “the largest manufacturer and distributor of compressors in the greater China region,” and the world’s largest manufacturer of golf-club heads. It supplies most premium club brands as an OEM. Fu Sheng is also the largest manufacturer of golf club heads in the world, and acts as an OEM supplier to most of the premium brands.