Platinum Equity acquires ESCO Corporation’s integrated manufacturing group
Platinum Equity and ESCO Corporation announced that Platinum has acquired ESCO's Integrated Manufacturing Group (IMG)The acquisition was completed on December 1, 2006, and a transition is now underway to separate IMG from ESCO and establish it as a standalone company. The new business will be renamed, and details about the new name and brand will be announced as the transition process unfolds. Terms of the transaction were not disclosed.ESCO executives said they divested the IMG business in order to focus on other core units, including the company's Engineered Products and Turbine Technologies Groups.
"ESCO is aiming for continued, global growth in the mining, construction and aerospace markets," said Steven D. Pratt, ESCO Chairman and CEO. "This sale allows us to pursue these markets, while placing IMG with a firm for which integrated manufacturing is part of a long-term priority."
"We are very excited about the potential of this business and are very pleased to add IMG to our portfolio of operating companies," said Phil Norment, President of Portfolio Operations for Platinum. "The group has a strong management team and a really outstanding customer service offering, and we believe they will be very successful as a standalone company."
