Waupaca Foundry, North America's largest supplier of iron castings used for everything from brake rotors to dental chairs, has been sold to a private equity firm in the industrial sector.
Employing more than 4,000 people, Waupaca operates five foundries in Wisconsin and Indiana. In addition to iron castings, it also does precision machining and assembly. Private Casting Part
Waupaca melts 9,500 tons of iron a day at its plants and is one of the largest metal casting suppliers globally. Its Wisconsin foundries are in Waupaca and Marinette. The company says about 2,700 of its employees work in Wisconsin.
More:Two employees lost fingertips while working at Waupaca Foundry. OSHA fined the company more than $234K.
With operations in the state since 1871, Waupaca Foundry has recently been owned by Proterial, a Japanese manufacturer with a broad range of business related to aerospace, automotive, electronics, and other industrial markets. The new owner will be Monomoy Capital Partners, a New York-based private investment firm with $3 billion in assets including construction materials manufacturer Cast-Crete.
Terms of the deal, announced Thursday, were not disclosed.
Carbon Steel Forging Part In a news release, the companies said Waupaca will continue to operate under its current management team led by President, CEO, and COO Michael Nikolai. The transaction is expected to close in early 2024, according to the companies. BMO Capital Markets provided debt financing.