INDUSTRY news


Chicago’s Mumford Companies Buys Advance Die Casting’s Milwaukee Plant


T e Mumford Companies,


a Chicago-based business and real estate holding company, has purchased Advance Die Casting Co., Milwaukee, out of receivership. Rollcast LLC, Pewaukee, Wis., placed the business in receivership in March and announced it would close operations in May. Roughly 75 workers would lose their jobs. T e workers continued to make


parts for Caterpillar Inc. and other customers, however, and Mumford closed on the purchase in June. “The old ownership just didn’t


have the capital to invest in the business,” said Phil Mumford Jr. “We have to spend six months rebuilding the machinery, add- ing automation, making it more efficient.” Mumford will shut down the


bulk of Advance’s manufacturing as it retools. T e 75 employees will have to reapply for their old jobs, with Mumford hoping to return to 75 employees in early 2016. “We take a distressed company


that has financial challenges and come in and bring in the fresh capital that buys some time do to the restructuring,” said Phil Mumford Sr. “In almost every case, there’s mostly good in these businesses.” ■


Wisconsin Diecaster to Enter Receivership


According to the Milwaukee


Journal Sentinel, Stroh Precision Die Casting LLC, Mauston, Wis. has fi led for receivership in Juneau County. T e high-pressure diecast- ing facility, seeking protection from creditors, is expected to be sold as ongoing business. T e expected buyer has agreed to off er jobs to all of the company’s employees, according to the court-appointed receiver. ■


Sept/Oct 2015 | METAL CASTING DESIGN & PURCHASING | 11


INDUSTRY


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