Breaking News Bar
updated: 8/19/2014 8:14 AM

Hitachi metals to pay $1.3 Billion for Wisconsin-based foundry

Success - Article sent! close
Bloomberg News

Hitachi Metals Ltd., Japan's biggest maker of magnets containing rare earths, will pay $1.3 billion for Wisconsin-based Waupaca Foundry Inc., gaining four foundries in the company's home state and two others in the U.S.

The purchase will be financed with cash and debt, according to a statement today from Tokyo-based Hitachi Metals, a subsidiary of Hitachi Ltd.

Closely held Waupaca Foundry, the world's largest supplier of iron castings, supplies industries ranging from automotive, agricultural and construction machinery, according to the statement.

Hitachi Metals views the acquisition as helping to enhance its iron casting business globally, the statement said.

Hitachi Metals had total revenue of 808 billion yen ($7.9 billion) in the year ended March 31.

Article Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.