News: Press Releases
Newbury, Piret & Co. Acts as Financial Advisor to Saurer AG in its subsidiary's acquisition of New Castle Industries
PULASKI, Va., Aug. 18 Î Xaloy has acquired New Castle Industries, based in New Castle, Pa. for $17.0 million.
Xaloy is a global leader in plastic machinery components, including barrels, screws and nozzles, and in processing systems. New Castle makes screws, barrels and heat-transfer rolls, primarily for customers in North America. Total sales for New Castle were $24.6 million in 2002.
Walter G. Cox, CEO of the Xaloy Group, said: The acquisition strengthens our business in three important ways. New Castles substantial business and expertise in extruder screws fits extremely well with our strength in injection molding screws. Second, this acquisition gives us a high-level entree into the roll business with New Castles three well-respected brands Î F.R. Gross, Keystone and Tanner. High-performance rolls perfectly complement our offering to plastics industry customers. Finally, the acquisition opens the way for reducing excess production capacity for machine components in North America.”
Newbury, Piret acted as the exclusive financial advisor to Xaloy's parent company, Saurer AG, in the acquisition of New Castle Industries.