Amcast Completes the Sale of its Flow Control Business
Amcast Industrial Corporation, has completed the sale of the majority of assets from its Flow Control operation. The sale was made to the US subsidiary of Dutch group Aalberts Industries NV.
Elkhart Plumbing, Elkhart Industrial and Amcast Industrial Ltd were all included in the sale. It is reported that the sale was made in order to comply with provisions of the company’s loan agreements. The net proceeds of the sale equated to approximately $54 million and will be used to reduce debt.
With an expected turnover of around $130 million (£71 million) and a workforce of 430 employees, Elkhart Products Corporation (EPC), is one of the three biggest players in the North American market. The company has an estimated 35 per cent share of the wholesaling market and a 10 per cent share of the retail market.
The agreement puts the Dutch company at the top of the world market for copper fittings and provides it with a strong American base. With the acquisition of the three production facilities Aalberts will also gain an extensive sales network in the US and Canada.