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Esmark Industrial Group Acquires Excalibur Machine Co.
Esmark bought the distressed firm for $3.5 million.
Chicago, IL-based Esmark Industrial Group, a newly formed subsidiary of Esmark Inc., has acquired Meadville, PA-based Excalibur Machine Company Inc. for $3.5 million in cash.
Excalibur Machine is a precision machining and fabrication firm that supplies parts, sub-assemblies and materials handling equipment to Original Equipment Manufacturers (OEMs) engaged in the transportation, materials handling, heavy construction and power generation industries.
James P. Bouchard, chairman of Esmark Inc., said the acquisition of Excalibur Machine Company’s equipment and facility assets will save 50 jobs and provide working capital financing to grow the business and increase employment opportunities in the Meadville, PA, area.
David A. Luptak, currently co-CEO of Esmark Inc., will become CEO and president of the newly formed Esmark Industrial Group with responsibility for Excalibur Machine Company.
Eric Hoover, founder of Excalibur Machine Company, will remain as president. "Our precision machining and fabrication equipment and facilities, combined with OEM customers such as GE Locomotive, Riley Power, JLG and Siemens Power Generation, will provide Esmark with an expanded customer base to complement its growing Steel Group operations," said Hoover.
Excalibur Machine Company, Inc. was founded in 1987. It maintains manufacturing and machine shop facilities in Meadville, Conneaut Lake and Linesville, PA.
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