John Stanik - CEO Ampco-Pittsburgh
Ampco-Pittsburgh said it would pay $3.5 million in cash and assume $9.6 million of the Welland, Ontario, company's liabilities. ASW will become a part of the Union Electric Steel Corp. division of Ampco-Pittsburgh. The manufacturing plant, with an electric arc furnace, is located close to the U.S.-Canadian border near Niagara Falls, N.Y., and Buffalo. It was founded in 1918 as the Dillon Crucible Steel Alloy Co. and was acquired by MMFX in 2010.
"This acquisition is a very important element in Ampco-Pittsburgh’s strategic diversification plan," said John Stanik, CEO of Ampco-Pittsburgh, in a statement. "ASW’s proven broad expertise in flexible steel refining methods will provide us with the capabilities to manufacture the additional chemistries needed to expand our reach in the open-die forging market. The transaction also enhances our ability to grow in markets in which we currently participate and to add new markets for customers in the oil and gas, power generation, aerospace, transportation, and construction industries.”
