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INDUSTRY news


IOP Acquires Aarrowcast Industrial Opportunity Partners


(IOP), a private equity fi rm based in Evanston, Ill., has acquired Aarrowcast Inc., Shawano, Wis. Aarrowcast is a provider of gray, ductile and austempered ductile iron castings that specializes in large, complex castings utilizing sophisticated metallurgy. According to the company, its facility features three separate molding lines, including the largest automated green sand fl ask in North America. T e company casts products for equipment in the agriculture, off -highway heavy truck, military and construction markets. “We are very excited to acquire


Aarrowcast, a market leader with unique manufacturing capabilities and a solid history of providing complex products to a long list of market-leading customers,” said Adam Gottlieb, senior managing director, IOP. T e Aarrowcast senior management


team, led by Ben Grigg, president and CEO, will continue to manage the business. In addition, Andrew Weller, an IOP Operating Principal, will assume the newly-created position of chairman. Weller has direct experience in overseeing and operating iron casting facilities. IOP’s board is comprised of executives who provide leadership to businesses in which IOP invests. “Aarrowcast has built a reputation with its customers, suppliers, and employees based on unmatched manufacturing abilities, service levels and product breadth,” Weller said. “I look forward to working closely with Ben, his team, and all Aarrowcast employees in continuing to invest in the company to achieve further growth.” Aarrowcast represents IOP’s fi rst


platform investment in Industrial Opportunity Partners II, L.P., IOP’s recently raised $275 million committed fund. “We are thrilled to be partnering with


Industrial Opportunity Partners, whose operational experience and strategic support will enhance Aarrowcast’s continuous eff ort to deliver high-quality products and extraordinary service levels to our customers,” Grigg said. 


Sept/Oct 2012 | METAL CASTING DESIGN & PURCHASING | 11


Hyundai Launching Diecasting Plant in Mexico Automaker Hyundai announced


it will invest $131 million to build a new aluminum diecasting plant in Tijuana, Mexico. According to a statement issued


by Tijuana EDC, a nonprofit corporation that helps companies establish manufacturing operations in Mexico, construction on the diecasting facility began in July and is expected to reach full capacity in January 2014. Hyundai forecasts the facility


will produce 900,000 units of engine blocks, engine cylinder heads and transmission cases per year and create 300 jobs.


Hyundai CEO Kenny Lee said Tijuana won the competition for


the plant over Monterrey, Mexico, and Montgomery, Ala. Lee said Hyundai’s experience working in Tijuana, competitive costs and the support received from local governments were the deciding factors. David Mayagoitia, president


of Tijuana EDC, said the new project will represent almost half of Hyundai’s actual investment in Tijuana. Mayagoitia said during the


launch that, according to the Mexican Association of Automotive Industry, Mexico exported more than 2 million units in 2011, 68% of which went to the U.S. 


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