Albany-area specialty metals firm Selmet has been sold, but things won’t change much for its 870 workers, as well as customers, said CEO and President Rick Kenyon.
“The management team is staying. We are committed to the success of the business and the growth plan going forward,” Kenyon told the Democrat-Herald.
“This is not because the company is distressed," he said. "Our company is very successful and we are a leader in our industry."
The sale price was not disclosed.
Consolidated Precision Products, based in Cleveland, has agreed to the sale from Blue Point Capital, the current owner of Selmet. The purchase is expected to close in the third quarter of 2018.
Selmet, 33992 Seven Mile Lane, was founded in 1983 and makes titanium castings and parts for the aerospace and defense industries.
The acquisition will add those products to the range of aerospace and defense parts Consolidated Precision Products already manufactures at nearly 20 foundries.
“This makes the combined companies a very formidable competitor in the casting industry,” Kenyon said.
Blue Point Capital bought Selmet in 2011, and seven years is a fairly typical length of time for a private equity group to hold a company, Kenyon said.
Consolidated Precision Products is a portfolio company of Warburg Pincus, a global equity firm.
Most of Selmet’s workers are in the Albany area, but the company has about 150 employees at plants in Wilsonville and Everett, Washington, which are part of the sale.
The company has undergone tremendous growth, adding 500 workers since 2012 and doubling its square footage off Seven Mile Lane. In April, a new $6 million large parts casting furnace was unveiled there.