Oconomowoc-based Wismarq Industries LLC may move its headquarters to Pennsylvania with the acquisition of a new company there, a spokesperson said.
The company, which provides coil coating services for metal products, announced Monday it had completed the acquisition of Prior Coated Metals Inc., which is headquartered in Allentown, Pennsylvania, for an undisclosed price.
Wismarq has almost 250 employees, about 65 of whom are based in Oconomowoc. It is owned by Peninsula Pacific, a Los Angeles-based private investment manager, which is considering moving Wismarq’s headquarters to PCM’s facility, said Sunny Flynn, a Wismarq spokesperson. A representative of Peninsula Pacific declined to comment.
PCM has about 50 employees, all of whom Wismarq hopes to retain in the transaction, Flynn said. PCM makes pre-painted steel and aluminum products, and its facility will change its branding but will continue operating in the same way.
The acquisition gives Wismarq wider geographic reach and additional capabilities, including more gauge range, downstream processing and precision slitting.
“They have a different customer base that will be new to some of us, so we need to learn from their expertise over there,” Flynn said.
With the integration of PCM, Wismarq is the third-largest independent coil coater in the U.S.
“The addition of the Prior Coated Metals assets to the Wismarq portfolio is perfectly timed to elevate and sustain the positive momentum we have created in 2016,” said Jim Dockey, Wismarq’s chief executive officer. “This transaction will provide a continued catalyst for the disciplined growth strategy our company has pursued in the past year. The expanded geographical footprint, complementary capabilities and incremental capacity provided by the acquisition will allow us to broaden our market presence while offering an even greater value proposition to our highly valued customers.”