Mequon-based Charter Manufacturing has acquired Shawano-based Aarrowcast Inc., a privately-held manufacturer of gray and ductile iron castings.
John W. Mellowes, chief executive officer of Charter, said the acquisition would expand the company’s metals manufacturing operations and help diversify its customer base and end markets.
“We are committed to a long-term investment in Aarrowcast’s capacity and capabilities, and driving positive outcomes for its stakeholders – employees, customers and the greater Shawano community,“ Mellowes said. “We’re excited about what lies ahead.”
Aarrowcast is a green sand foundry that provides complex iron castings to OEMs and Tier 1 suppliers in a range of industries including agricultural equipment, compressors and hydraulitcs, defense, construction and mining, and heavy-duty off-road vehicles. The company produces around 85 million pounds of castings annually and has 290 employees at its Shawano facility.
“Becoming part of Charter Manufacturing is a good strategic and cultural fit for Aarrowcast,” said Randy Brull, president and CEO of Aarrowcast. “Both companies are passionate about metals manufacturing and are committed to customer service, product innovation and growth. We are excited about working together and what the next chapter will bring.”
Brull will continue to lead Arrowcast and will report to Bob Venable, president and chief operating officer of Charter Manufacturing. The company will operate as Charter Aarrowcast, joining the company’s other businesses, Charter Automotive, Charter Dura-Bar, Charter Steel and Charter Wire.
The transaction was supported by Citizens Capital Markets, Inc., which served as the exclusive financial advisor to Aarrowcast.