Revstone Acquires Dexter Foundry
FAIRFIELD, Iowa, Dec. 2, 2010 /PRNewswire/ — Revstone Industries, LLC announced today its acquisition of Fairfield, Iowa-based Dexter Foundry from Dexter Apache Holdings, Inc. The company will operate as part of Revstone’s Cast Metals Group under the name Revstone Castings Fairfield. The foundry is the second to join the Revstone family of companies in the past year, after Revstone purchased the 250,000 sq. ft. shell mold gray iron foundry in Vassar, Michigan from Grede Holdings, LLC in December 2009.
Dexter Foundry operations pour gray and ductile iron castings for a wide array of customers, currently making over 8000 different parts for over 250 companies in the US, Canada, and Mexico. The addition of these customers and capabilities will allow Revstone to diversify its already significant automotive manufacturing interests to include agricultural and railroad products, construction equipment, residential appliance components, and many others.
“The acquisition of Dexter Foundry fits into two key facets of Revstone’s buying strategy: vertical integration and diversification,” said David Jaeger, President of Revstone Cast Metals Group. “We are moving further upstream in our value chain, which benefits our customers, while substantially increasing the diversity of our product line and customer base and reinforcing our financial stability.”
Continued Jaeger, “Operationally, the Dexter Foundry contributes a versatile green sand casting operation, an existing portfolio of various types of metal materials and processes, broad operational expertise, strong delivery and quality performance, and a skilled and experienced work force that is responsible for all of these strengths. We will be offering all employees the opportunity to continue working with us, and we are excited to welcome them to the Revstone team.”
“Our long term interest has always been in ensuring the ongoing viability and success of Dexter Foundry,” said Patrick Albregts, President and CEO, Dexter Apache Holdings, Inc. “As the industry continues to consolidate, it is increasingly challenging for standalone foundries to remain competitive. We are pleased to be able to partner with Revstone whose strategic position in the foundry industry will enhance Dexter Foundry’s success in the future. We look forward to supporting a smooth transition for all Dexter Foundry employees, customers and business partners.”
Founded in 2008, Revstone has quickly grown into a recognized name in manufacturing with over $1 billion in projected revenue. Headquartered in Lexington, Kentucky, with regional offices in Michigan and New York, Revstone maintains a global reach and provides services related to the design, engineering, manufacture, and marketing of products for the automotive and commercial trucking industries. Revstone operates manufacturing facilities in more than 60 locations throughout North and Central America with plans to expand its footprint in Europe and China in the near future.
SOURCE Revstone Industries, LLC