Press Room - Union Electric Acquires Business
- Created on Friday, 31 July 2015 08:00
Union Electric Acquires Local Business
Published on July 31, 2015, by Kalea Hall, The Vindicator
AUSTINTOWN – Union Electric Steel, a subsidiary of Ampco-Pittsburgh Corp., has acquired the business and assets of Alloys Unlimited and Processing Inc. of Mineral Ridge with the goal of growing the business.
"It was a good fit for us," said Bob Carothers, chairman and chief executive officer of the Carnegie, Pa.-based Union Electric. "We plan on increasing the level of inventory to benefit the customer. We also want to expand the products they currently offer."
Alloys has been in business since 1990, according to the company website. It is a leading supplier of specialty tool steels, alloy and carbon round bar at its 88,000-square-foot facility on Union Street in Mineral Ridge.
A company representative could not be reached to comment for this story Thursday.
Union Electric Steel is a worldwide producer of forged and cast rolls for the steel and aluminum industries. The company has manufacturing facilities in the U.S. and United Kingdom.
Alloys was a customer of Union Electric before the acquisition, which was completed Wednesday. Details of the acquisition were not disclosed.
Union Electric is now in the process of moving Alloys' operation to a new location at 3760 Oakwood Ave. in Austintown. A total of 20 are employed at Alloys, and there is potential for employment growth.
"The bigger we get, the more people we are going to need," Carothers said.
In addition to operating as a supplier, Alloys Unlimited will provide specialty services, including precision saw cutting, lathe capabilities, CNC machining, rough turning, boring, heat treating, trepanning and production cutting.
"This acquisition is part of Ampco-Pittsburgh's ongoing diversification and growth strategy," Jeff Burgess, newly appointed vice president of Alloys Unlimited and Processing, said in a statement. "We plan to expand inventories of current Alloys Unlimited's product offerings and add new domestically produced products to provide greater choice, better service and faster response to our customers."
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