CHICAGO --Esmark Industrial Group, a newly formed subsidiary of Esmark Incorporated, has completed the acquisition of assets of Meadville, Pennsylvania-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.
In making the announcement, James P. Bouchard, Chairman of Esmark Incorporated, said the acquisition of Excalibur Machine Company’s equipment and facility assets will save approximately 50 jobs and provide working capital financing to grow the business and increase employment opportunities in the Meadville, Pennsylvania area.
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David A. Luptak, currently Co-Chief Executive Officer of Esmark Incorporated, will become Chief Executive Officer and President of the newly formed Esmark Industrial Group with responsibility for Excalibur Machine Company. He said Esmark Industrial Group will maintain the current Excalibur employees and senior management team and will immediately institute a comprehensive healthcare and benefits program.
Eric Hoover, founder of Excalibur Machine Company, will remain as President. He noted that Excalibur has modern equipment and facilities and a strong OEM customer base. “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,” explained Hoover. “We’re excited about joining the Esmark family and look forward to building a better future for our dedicated employees.”
Excalibur Machine Company, Inc. was founded in 1987. It maintains manufacturing and machine shop facilities in Meadville, Conneaut Lake and Linesville, Pennsylvania.
Esmark Incorporated is a privately owned holding company created to house the investment and philanthropic activities of James P. Bouchard, Chairman of the Board, and his brother, Craig T. Bouchard, Vice Chairman. Esmark's roots run deep in the steel industry, but over the years the Bouchards have diversified their interests into a number of ventures in and around the industrial and commodity markets. Esmark (a former publicly traded company on NASDAQ: ESMK) has focused on several key industries including oil and gas exploration, aviation services, real estate, technology, and sports management. More information about Esmark can be found at Esmark Incorporated
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