Intermet Corp’s Columbus, GA, ductile iron foundry reportedly has been bought by a Carlyle Group holding, Diversified Machine Inc. The sale closed on November 3, according to the Columbus
Ledger-Enquirer, at an undisclosed price.
Carlyle Group is a private equity fund with a wide range of industrial investments.
As
reported recently, the aluminum and ferrous casting group is in the process of liquidating its assets, having declared bankruptcy in August 2008. Last month two aluminum diecasters in Missouri were sold to Continental Castings L.L.C., and two ferrous foundries in Virginia have been marked for closure.
Intermet manufactured cast, diecast, and pressure-cast components for automotive, commercial vehicle, and industrial markets. In September, the federal judge overseeing the bankruptcy ordered the assets to be liquidated, records show.
Until it was idled, the Columbus foundry produced ductile iron castings weighing up to 50 lb at an annual capacity of 140,000 tons, according to Intermet. It includes six Disamatic molding machines and cold-box coremaking, with coreless induction melting and electric holding furnaces. Recently, Intermet notified Georgia officials that its employees would be laid off permanently, the newspaper reports.
Diversified Machine Inc. is a vertically integrated company that has acquired a range of operations since 2005. Its foundry holdings include the former Aluminum Casting & Engineering plant in Milwaukee, acquired in late 2007, and former Citation Corp. plants in Bristol, IN, and Milwaukee acquired in April 2008.
DMI’s operations include semi-permanent molding, Isocure coremaking, sand casting, vacuum riserless casting/pressure riserless casting, squeeze casting, heat treating, trimming and finishing, impregnation, machining, and component assembly and testing.
DMI CEO Bruce Swift explained to the Columbus newspaper that its new acquisition would return to production soon, manufacturing steering knuckles. Many of the laid off workers will be recalled, he indicated.