Excalibur Machine Co., a Pennsylvania manufacturing and machining operation, has been acquired by Esmark Industrial Group for $3.5 million.
Esmark Industrial is a new subsidiary of Esmark Inc., a private investment group. Esmark previously acquired several steel processing, distributing, and fabricating operations, and formerly owned the Wheeling-Pittsburgh Steel organization.
Excalibur Machine is a precision machining and fabricating organization that supplies parts, sub-assemblies and material-handling equipment to OEMs in transportation, material-handling, heavy construction and power generation markets. It has operations in Meadville, Conneaut Lake, and Linesville, Penn.
“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,” stated Esmark Inc. chairman James P. Bouchard. He said the takeover would preserve about 50 jobs and provide working capital for the business.
Eric Hoover, founder of Excalibur Machine Co, will remain as the firm’s president. “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,” Hoover said.
David A. Luptak, now co-Chief Executive Officer of Esmark Incorporated, will become CEO and president of the new Esmark Industrial Group. He said current Excalibur employees and senior management team will be retained, and Esmark will institute a comprehensive healthcare and benefits program immediately.