Precision Castparts Corp., a Portland, Ore.-based Fortune 500 company, has acquired Mayville Die and Tool Inc., a machining company in Mayville.
Wyman-Gordon Forgings, a Houston-based subsidiary of Precision Castparts, will manage Mayville Die. Mayville’s assets were sold at auction as part of Chapter 11 bankruptcy proceedings in late 2011.
Mayville Die specializes in machining large, heavy steel dies that are often used in the aerospace industry. It has more than 20 employees.
Mayville Die filed for bankruptcy in August 2011 because of problems with its capital structure, but has maintained operations and positive cash flow throughout the process, according to a release.
Royko Enterprises LLC, a mergers and acquisitions advisory firm in Madison, helped Mayville find a buyer among nine competitive bids. An auction helped increase the final purchase price almost 20 percent higher than the original bid.
Mayville Die, which was founded in 1935 and had been employee-owned since 1994, will continue operations in Mayville.