Shawn Price, a Waupaca Foundry pattern shop foreman, works on a new cast Monday afternoon at the Waupaca Foundry plant in Etowah, Tenn.
People work at the Waupaca plant in Etowah, Tenn., in 2004.A Japanese automotive supplier is buying the world’s largest producer of ductile iron and gray iron castings. which operates a 550-employee plant in Etowah, Tenn.
Hitachi Metals Ltd. signed an agreement Tuesday to acquire Waupaca Foundry from its current owner, KPS Capital Partners LP. The New York equity firm acquired Waupaca two years ago and has since built up sales at all six of its foundries.
Terms of the sale, which is expected to close this fall, were not announced.
Under KPS’s ownership, Waupaca expanded all six foundries and added more than 200 jobs.
“This investment by Hitachi Metals in Waupaca Foundry’s world-class facilities and capabilities is a validation of what we have accomplished over the past two years and signals a strong commitment to manufacturing and the foundry industry in the United States,” Gary Gigante, president and CEO of Waupaca Foundry, said in a statement. “Partnering with Hitachi Metals will bring Waupaca Foundry significant global strength that will help us drive continued expansion.”