Esmark Acquires Excalibur Machine Assets
12/31/2009 - Esmark Industrial Group has completed the acquisition of assets of Meadville, Pa.-based Excalibur Machine Co., Inc. for $3.5 million in cash. David A. Luptak will become Chief Executive Officer and President of the newly formed Esmark Industrial Group with responsibility for Excalibur Machine.
Esmark Industrial Group, a newly formed subsidiary of Esmark Inc., has completed the acquisition of assets of Meadville, Pa.-based Excalibur Machine Co., Inc. for $3.5 million in cash.
James P. Bouchard, Chairman of Esmark Inc., said the acquisition of Excalibur Machine’s equipment and facility assets will save about 50 jobs and provide working capital financing to grow the business and increase employment opportunities in the Meadville, Pa., area.
“We’re very pleased we were able to save this company from being liquidated in bankruptcy court and protect the livelihoods of hardworking 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 Inc., will become Chief Executive Officer and President of the newly formed Esmark Industrial Group with responsibility for Excalibur Machine Co. 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 Co., will remain as President. He noted that Excalibur has modern equipment and facilities and a strong OEM customer base.
“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,” said Hoover. “We’re excited about joining the Esmark family and look forward to building a better future for our dedicated employees.”
Excalibur Machine Co., Inc., founded in 1987, maintains manufacturing and machine shop facilities in Meadville, Conneaut Lake, and Linesville, Pa. It is a precision machining and fabrication firm that supplies parts, subassemblies, and materials handling equipment to OEMs engaged in the transportation, materials handling, heavy construction, and power generation industries.
Esmark Inc. is a privately owned holding company created to house the investment and philanthropic activities of James P. Bouchard, Chairman of the Board, and his brother, Craig T. Bouchard, Vice Chairman. In addition to the steel industry, Esmark has focused on several key industries including oil and gas exploration, aviation services, real estate, technology, and sports management.
