Posted January 4, 2010
Esmark Industrial Group acquires Excalibur Machine Co.
Esmark Industrial Group, a newly formed subsidiary of Esmark Incorporated, has completed the acquisition of 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.
In making the announcement, James P. Bouchard, chairman of Esmark Incorporated, said the acquisition will save approximately 50 jobs and provide working capital financing to grow the business and increase employment opportunities in the Meadville area.
“We’re very pleased we were able to save this company from being liquidated in bankruptcy court and protect the livelihoods of hard-working Pennsylvania residents,” said Bouchard. “We could not have accomplished this without the unwavering support of our financing partner, GE Capital, who has worked with Esmark since our inception to maintain manufacturing and steel industry jobs in the U.S. The lead financing provided by GE Capital and acquisition financing provided by Northwest Savings Bank will strengthen Excalibur’s balance sheet and lay the foundation for a brighter, more profitable future.”
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.
Excalibur Machine Company Inc. was founded in 1987. It maintains manufacturing and machine shop facilities in Meadville, Conneaut Lake and Linesville, Pa.
