INDUSTRY NEWS
ThyssenKrupp Waupaca Sold to Equity Firm T yssenKrupp AG, Essen, Germa-
ny, announced it has sold metalcaster T yssenKrupp Waupaca Inc., Waupa- ca, Wis., to an affi liate of private equity fi rm KPS Capital Partners, New York. According to a T yssenKrupp
press release, the German materi- als company and KPS agreed to a stock purchase agreement on May 15. T yssenKrupp Waupaca will be renamed Waupaca Foundry Inc. when the transaction closes in the second quarter of 2012. Financial terms of the deal were not disclosed. T yssenKrupp fi rst announced it intended to sell the metalcasting divi- sion in May 2011. T e company said at the time it was being sold to free up capital for investment in growth and its technologies businesses. T e company said it had stronger alterna- tive strategic options than maintaining ownership of T yssenKrupp Waupaca. Waupaca Foundry President and CEO Gary Gigante said the decision to sell the U.S.-based metalcaster to KPS came after due diligence to fi nd a buyer with a detailed strategy for the continu- ity and growth of T yssenKrupp Wau- paca’s business, taking into account the interests of employees and customers. “We wanted to be sure that Wau-
paca’s next owner shared our com- mitment to its future and that it was business as usual for our workers and customers the day after the deal is fi nalized,” Gigante said. “I believe that we can achieve that goal.” With three plants in Waupaca and
one in Marinette, Wis., as well as fa- cilities in Tell City, Ind., and Etowah, Tenn., T yssenKrupp Waupaca is the largest independent iron metalcaster in the world. T e company employs approximately 3,500 and had sales of nearly $1.48 billion in the last fi scal year. It produces gray and ductile iron castings primarily for the automotive, commercial truck, agriculture and construction markets. “We are excited to create an inde-
pendent Waupaca Foundry,” said Da- vid Shapiro, a KPS managing partner. Torsten Gessner, chairman and
CEO of T yssenKrupp North Amer- ica, said the divestment will enable
8 | MODERN CASTING June 2012
Waupaca Foundry President and CEO Gary Gigante believes the new owners share the company’s commitment to prosperity. The metalcaster produced the award winning auxiliary drive casting shown above.
T yssenKrupp to better capitalize on growth opportunities in the region. “T yssenKrupp has a diverse foot-
print in North America,” he said. “In the last fi scal year, we employed 24,600 in the U.S., Canada and Mexico, and
had sales of nearly $12 billion. So, as we are divesting T yssenKrupp Wau- paca, our other companies are adding jobs, increasing sales and investing in plant expansions and acquisitions across the region.”
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