The company announced the acquisition this week. TRM Equity is a private equity firm. The Elyria Foundry specializes in ductile iron castings, which goes to industries such as defense, oil and gas, construction and mining.
"The foundry industry has been under considerable pressure over the last few decades, and we have focused on the companies with unique positions and capabilities in their space," TRM Equity Managing Director Jeffrey Stone said in a news release. "Elyria Foundry has range to produce very large castings and the depth of technical talent to solve problems for its customers. We look forward to partnering with the Elyria Foundry team to navigate through a challenging environment and continue to be a valued resource to its customers far into the future."