Reed Machinery Formed to Acquire Thread Rolling Business from Precision Castparts
Reed Machinery Formed to Acquire Thread Rolling Business from Precision Castparts
John Wolz
Reed Machinery Inc. acquired the thread rolling machine business assets from Precision Castparts Corp. and has relocated machines and inventory from Holden, MA, and Rockford, IL, to a 25,000 sq ft plant in Worcester, MA.
Reed Machinery was formed to acquire the product lines. The company has 62,000 inventory items and manufactures Reed and Hartford products.
Acquisition price has not been made public.
Portland, OR-based PCC is providing financing for six months while Reed Machinery develops long term financing. Startup finding was provided by Reed president Jim Flanagan and Cherlyn Flanagan and five other equity investors. Subsequent equity financing has been provided by additional private investors.
Flanagan said long term financing “will enable us to re-establish the business, develop new products and grow significantly within the next three years.”
Reed Machinery designs, manufactures and markets cold forming equipment, including thread rolling machines and thread rolling attachments for manufacture of fasteners and other metal parts. E-mail: jflanagan@reed-machinery.com Web: reed-machinery.com �2004 FastenerNews.com
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