It’s official. ThyssenKrupp Waupaca is jow Waupaca foundry Inc.
The company announced Monday the completion of its acquisition by KPS Capital Partners LP. Upon closing, the company was renamed Waupaca Foundry Inc.
Waupaca Foundry continues to be led by Gary Gigante, who is the president and chief executive officer. Headquarters will remain in Waupaca.
“This is an exciting time for our employees and our customers,” Gigante said. “Our affiliation with KPS will give us the resources to reinvest in our organization in order to serve the anticipated market growth.”
Financial terms of the transaction were not disclosed.
Waupaca Foundry was founded in 1955. In 2011 the foundry returned to pre-recession staffing levels in response to increased business in its key markets.
Waupaca Foundry employs 3,500 people at three foundries in Waupaca and one in Marinette, with plants in Tell City, Ind., and Etowah, Tenn.
Waupaca Foundry produces gray, ductile, compacted graphite and austempered ductile iron castings using state-of-the-art technology. The firm serves the automotive, commercial vehicle, agriculture, construction, and other industrial markets.
The largest iron foundry company in the world, Waupaca Foundry produces gray and ductile iron castings using state-of-the-art technology. Waupaca is North America’s leading supplier of iron castings to the automotive, commercial vehicle, agriculture, construction, and industrial markets.
KPS Capital Partners is the manager of the KPS Special Situations Funds, a family of private equity funds with $2.8 billion of assets under management focused on constructive investing in corporate carve-outs, restructurings and other special situations.
KPS has executed highly complex corporate carve-out transactions on a global basis, and has acquired businesses from numerous Global Fortune 500 companies.
The KPS investment strategy targets manufacturing and industrial companies with strong market positions that are going through a period of transition or experiencing operating or financial difficulties. For over two decades, the partners of KPS have worked with the management teams and associates of its portfolio companies to improve operating and financial performance by focusing on cost reduction, efficiency, operational excellence and strategic growth initiatives.
KPS portfolio companies have aggregate annual revenues of $7.8 billion, operate 96 manufacturing plants in 24 countries and employ over 32,000 associates, directly and through joint ventures worldwide.