Gunite to buy foundry for wheel-end production
CHICAGO (May 4) — Gunite Corp. plans to buy an iron foundry and machining company in order to increase production of wheel-end components trucks and trailers.
The foundry, EMI Inc., is owned by Hitachi Metals Ltd. affiliate Hitachi Metals America Ltd. Based in Erie, Pa., EMI has annual revenues of about $55 million, according to Gunite parent company Johnstown American.
Terms of the deal were not disclosed. Johnstown America said it planned to fund the acquisition from cash on hand.
Gunite builds wheel-end and brake components for heavy-duty and medium-duty trucks and trailers.
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