An investor group led by Todd DiBenedetto and with a history of successful corporate turnarounds has purchased the Rane Precision Die Casting facility in Russellville, Kentucky, saving 200 jobs. The transaction closed in mid-September after India-based Rane Group struggled to succeed following its purchase of the plant in 2016.
Kentucky Industrial Holdings, Inc. has purchased the facility and the owners are rebranding the company as Russellville Engineered Castings, Inc.
The former Rockwell plant specializes in aluminum castings for the automotive and other industries. Founded in 1956 as a captive die caster for Rockwell Corp., the company was formerly known as Precision Die Casting and was sold in 1989. That began a string of ownership and name changes with Rane Group of India purchasing the company in 2016. Despite several million in capital investments, the company struggled to succeed under Rane ownership and risked eliminating 200 jobs from the community if a new buyer could not be found.
DiBenedetto and partner Mark Heinze each have a deep history of successfully turning around distressed manufacturing companies and look forward to doing the same for this facility. Building on his legacy, and the numerous successful turn arounds as both co-founder and President of Big Shoulders Capital in Chicago, DiBenedetto is continuing the tradition of identifying distressed manufacturing businesses in transition and employing a very active, hands-on management approach to effect a restructuring. Both DiBenedetto and Heinze grew up in family-owned manufacturing businesses and have a passion for domestic industrial manufacturing success. Some prior successful investments include Benada Aluminum Products in Florida, Savannah Industrial Solutions in Tennessee, Anderson Manufacturing in Wisconsin, Lyon Metal Products in Illinois, LB Metals in Illinois, and many, many more. All of these businesses were purchased out of distressed circumstances and are thriving today.
"Mark and I see an opportunity to work with the talented team in Russellville to grow this business as we invest in the community," said DiBenedetto. "We've helped turn around several companies through a combination of expertise and capital. This business fits our criteria perfectly and while we have a lot of work ahead of us, we are optimistic about the team, the capabilities and growing the customer base."
The company is located at 232 Hopkinsville Rd., Russellville, KY 42276, (270) 726-0235.
Source: www.finance.yahoo.com
