Die casting maker acquires company
An international maker of die casting parts based in Arkansas has acquired a company in the region.
Fayetteville, Ark.-based Pace Industries said yesterday that it has acquired Port City Group in Muskegon.
Terms of the deal were not disclosed.
Pace Industries is a maker of aluminum, zinc and magnesium die casting parts.
Port City Group is a maker of aluminum and zinc die casting parts, mechanical assemblies and injected molded plastics.
Pace Industries said the combined company will be one of the largest of its kind in North America, with 12 divisions and 21 facilities throughout the U.S. and Mexico and $600 million in sales.
Port City Group includes a family of six companies in Muskegon, according to its website.
Port City Group will become a division of Pace Industries.
John Essex will remain CEO of Port City Group, join the Pace Board of Directors and become one of its largest shareholders, while leading Pace’s automotive growth strategy.
Platform for growth
The deal provides a needed “platform of growth” for Port City Group, with a “greater geographical reach than what we had with our Michigan-based facilities,” Essex said.
Essex added that the deal will provide Port City with "needed capacity in closer proximity to some of our customers in North America, while expanding our production capability."
Pace Industries President and CEO Scott Bull said the combined company means creating greater diversity and strength, which will provide “better quality, service and value to our customers.”
He said the deal will result in a “formidable automotive supplier and the preferred non-automotive supplier in the die casting industry.”
The company will provide die casting, machining and finishing capabilities for various industries: automotive, lighting, electrical, recreational and others.