Revstone Acquires Iowa Foundry

Revstone Industries LLC has announced the acquisition of Dexter Foundry, based in Fairfield, Iowa, from Dexter Apache Holdings Inc. The foundry will operate as part of Revstone's Cast Metals Group under the name Revstone Castings Fairfield. Revstone acquired a 250,000-square foot shell mold gray iron foundry in Vassar, Mich., from Grede Holdings in December 2009.

In a statement on the acquisition, Revstone says that the new facility will help the company diversify its automotive manufacturing interests to include agricultural and railroad products, construction equipment, residential appliance components and other markets.

"The acquisition of Dexter Foundry fits into two key facets of Revstone's buying strategy: vertical integration and diversification," says David Jaeger, president of Revstone Cast Metals Group. "We are moving further upstream in our value chain, which benefits our customers, while substantially increasing the diversity of our product line and customer base and reinforcing our financial stability."  

"Operationally, the Dexter Foundry contributes a versatile green sand-casting operation, an existing portfolio of various types of metal materials and processes, broad operational expertise, strong delivery and quality performance and a skilled and experienced work force that is responsible for all of these strengths. We will be offering all employees the opportunity to continue working with us, and we are excited to welcome them to the Revstone team," Jaeger adds.

"Our long term interest has always been in ensuring the ongoing viability and success of Dexter Foundry," says Patrick Albregts, president and CEO, Dexter Apache Holdings. "As the industry continues to consolidate, it is increasingly challenging for stand-alone foundries to remain competitive. We are pleased to be able to partner with Revstone, whose strategic position in the foundry industry will enhance Dexter Foundry's success in the future. We look forward to supporting a smooth transition for all Dexter Foundry employees, customers and business partners."