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Jan. 9, 2013
Charter Manufacturing Acquires Dura-Bar's Parent Company
Charter Manufacturing Co., Mequon, Wis., has acquired Illinois-based Wells Manufacturing. The acquisition includes Dura-Bar and Dura-Bar Metal Services.
Dura-Bar is a leader in the production of continuous cast iron bar stock. Dura-Bar Metal Services distributes those products and bronze alloys.
"Dura-Bar and Wells Manufacturing make an excellent match for Charter Manufacturing," says John A. Mellowes, chairman and CEO. "Both are family-owned companies that are respected leaders in their particular industries."
As a result of the transaction, Charter will add a fourth division that focuses on distributing specialty iron bar to its existing businesses: Charter Steel, Charter Wire and Charter Automotive. Charter Steel supplies carbon and alloy steel bar, rod and wire products, and Charter Wire is a distributor of cold-finish bar, cold-rolled steel custom profiles, wire and other coil products.
"For Charter, the acquisition of Dura-Bar and Dura-Bar Metal Services allows our organization to diversify and extend our reach into new markets. The acquisition complements our continuing, strong focus on the automotive sector and, while that will always be important to Charter, extends our reach into the capital goods market," Mellowes says.
"This acquisition strengthens Dura-Bar’s future and enhances its ability to grow nationally and internationally for the long term,” adds Thomas W. Wells, chairman, president and CEO of Wells Manufacturing. “Both Charter and Wells share similar value structures and a work culture that will allow the organization to be the most competitive cast iron bar enterprise in the world."
Wells Manufacturing has approximately 360 employees at its Dura-Bar facilities in Woodstock, Ill.; York, Penn.; Salisbury, N.C.; and Changzhou, China. Charter has operations in Milwaukee; Cuyahoga Heights and Fostoria, Ohio; Lichfield, U.K.; and Wuhu, China. Charter employs about 1,500 people.
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