05 Jan Chicago Firm Buys Pa. Machining Business
January 5, 2010, nwitimes.com, By Times Staff
A subsidiary of Chicago-based Esmark Inc. completed the purchase of a Pennsylvania-based machining and fabrication firm.
Newly formed subsidiary Esmark Industrial Group paid $3.5 million in cash for Excalibur Machine Co. Inc. The firm, founded in 1987, supplies parts, sub-assemblies and materials handling equipment to manufacturers in the transportation, materials handling, heavy construction and power generation industries.
Esmark Inc. Chairman James Bouchard said the purchase will save about 50 jobs and provide working capital financing to grow the business.
David Luptak, co-chief executive officer of Esmark, will be president and chief executive officer of Esmark Industrial Group.
Esmark’s steel service center business began in 2003 with a facility opening in East Chicago. Esmark’s Wheeling-Pittsburgh Steel Corp. subsidiary and service center network was sold to Moscow-based OAO Severstal in 2008 for $1.23 billion.