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INDUSTRY NEWS


Gladstone Invests $16.3 Million in Alloy Die Casting Gladstone Investment Corp.,


McLean, Va., has invested $16.3 million in a combination of debt and equity to purchase Alloy Die Casting Co., Buena Park, Calif. Gladstone Investment’s affili- ated company, Gladstone Capital Corp.


participated as a co-investor by providing $7 million of debt and equity financing on the same terms as Gladstone Invest- ment in support of the acquisition. Founded in 1946, Alloy Die Cast- ing manufactures high quality finished


aluminum and zinc castings for aero- space, defense, aftermarket automotive and industrial applications. Te company provides its customers with engineer- ing support and custom tool design and fabrication as well as in-house machining and finishing capabilities. “Gladstone Investment is excited to


partner with Alloy Die Casting’s talented and experienced management team. We look forward to the continued growth of the business and building upon the success of the management team over the past few years,” said Greg Bowie, a director of private finance for Gladstone Management Corp., Gladstone Invest- ment’s affiliated investment adviser.


Metalcasting Training Center


Opens in South Africa South Africa’s Gauteng Department


of Economic Development, with the National Foundry Technology Network, a Department of Trade & Industry initia- tive, has opened the Gauteng Foundry Training Centre (GFTC). Training will begin in January 2014. Located at the Ekurhuleni East Col-


lege in Kwa Tema, South Africa, the center will offer state-of-the-art facilities and infrastructure for theoretical and appropriate practical training, address- ing a scarcity of skilled workers. Te initial focus will be artisan training for melters, molders and patternmakers. Te programs will encompass skills training, non-technical training and recognition of prior learning. Te center also will func- tion as the regional hub for management training courses. Te GFTC will focus on sand cast- ing using chemically bonded and green sand as well as permanent mold gravity diecasting. Based on the structure of the industry in Gauteng, casting materials reportedly will be gray iron and alu- minum, with the possible inclusion of ductile iron. Te organizations intend to apply for skills program accreditation, which would allow companies to claim additional funding for workers undergo- ing training.


14 | MODERN CASTING November 2013


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