Hitachi Metals Acquires Waupaca Foundry
KPS Capital Partners signed a definitive agreement, through an affiliate, to sell its portfolio company Waupaca Foundry Inc. to Hitachi Metals Ltd. for $1.3 billion. Waupaca, the largest iron foundry company in the world, produces gray- and ductile-iron castings using state-of-the-art technology. The company is also North America’s leading supplier of iron castings to the automotive, commercial vehicle, agriculture, construction and industrial markets. Waupaca employs approximately 3,900 people and has six foundry operations in three states. Japan-based Hitachi Metals, which has a strong tradition in iron-casting production and metal technology, operates foundries the U.S., Japan, Korea and India. The closing of the sale is expected in the fourth quarter of 2014.