NEW YORK Private equity firm Evans Industries Inc. has acquired Meloon Foundries Inc. after the owners of the nonferrous foundry chose to retire from the business.
The acquisition is part of Evans Industries strategy to expand its nonferrous foundry capacity. The company already owned Auburn, Ind.-based Ball Brass & Aluminum Foundry Inc., which specializes in short- to medium-run high-quality castings.
With the acquisition of Syracuse, N.Y.-based Meloon Foundries, which produces aluminum and copper-base alloy castings, Evans Industries will now be able to participate in the larger-sized products market, vice chairman William Martin told AMM. "It is a strategic acquisition that gives us additional capacity and capabilities that we didnt have with Ball Brass & Aluminum. And basically it gives us that ability to produce larger, no-bake molded products."
Detroit-based Evans Industries will continue to look for investment opportunities in the small to medium-sized foundry and manufacturing industries, Martin said. "We like this industry. We like basic American-made products and manufacturing. And so we hope to continue to grow in this market."
With the change in ownership, previous owners Jim and Louis Iannettoni have retired from the business. Evans Industries has appointed David Savage as president and general manager of Meloon Foundries.