GREENVILLE, PA. Group of Pittsburgh investors buys Hodge Foundry
The company will continue to employ about 90 people.
GREENVILLE, Pa. -- Hodge Foundry has been sold to an investor group made up of senior managers, members of the namesake Hodge family and Commonwealth Capital Group, a Pittsburgh-based private investment firm.
Terms of the transaction, completed Tuesday, were not disclosed.
The company, now operating as Hodge Foundry Inc. at 42 Leach Road in Hempfield Township, will continue to employ about 90 people.
The foundry, founded in 1876, is a leading manufacturer of large gray and ductile iron specialty engineered castings for mining and minerals processing, power generation, paper machinery, machine tools and plastic injection molding equipment.
Before the sale, it was a division of Metso Minerals Industries Inc., the rock and minerals processing business of Finland-based industrial conglomerate Metso Corp.
The investor group includes President and General Manager Joseph D. Simko, Vice President and Manufacturing Manager Richard O. Smith, Corporate Director and Special Projects Manager W. Scott Hodge and Vice President and Finance Manager Robert Dorfeld II.
The group was assisted by a number of individuals and institutions having a strong, vested interest in the future health of Hodge Foundry and that list includes economic development organizations in Greenville, Mercer, Erie and Harrisburg, according to Simko and Hodge.
"This investment clearly offers substantial opportunities for our business, customers and employees, and we are very pleased to have the support of Commonwealth Capital Group at this important time in our development," said Simko.