Canadian Company Buys Coronado Steel
YOUNGSTOWN, Ohio – A Canadian firm that operates more than 3.8 million square feet of manufacturing space across North America has purchased Coronado Steel.
Canerector, an industrial products and services provider based in Ontario, confirmed in a Friday morning news release that it has acquired Coronado Steel, “a move that strengthens its position in the Foundry Industrial Market, served by its Foundrion Group.”
The purchase is described as a “strategic acquisition [that] underscores Canerector’s commitment to growth and its history of expansion through acquiring and investing in North American businesses that exhibit strong fundamentals and present its core markets.”
Sale documents filed with the Mahoning County Auditor’s Office show Amerector Properties Inc., Toronto, bought the 2360-2430 Funston Drive property for $4.5 million from MMTK Family LLC. The auditor’s records reflects just the sale of the building and land, and not the business.
Amerector is the American holding company of Canerector, which owns more than 50 independent companies that specialize in design, engineering, fabrication, casting and construction of industrial products, according to its website. The range of customers around the world it serves operate in “a diverse range of end industries,” including aerospace, agriculture, energy, forestry, infrastructure, mining, nuclear and transportation.
“We are thrilled to announce the acquisition of Coronado Steel, marking another milestone in Canerector’s growth journey,” said Joe Tabak, president of Canerector’s Foundrion Group. “We’re pleased to welcome Coronado Steel and its demonstrated expertise in supplying specialty steel alloys for complex and high temperature applications in the petrochemical, steel and heat treatment industries. Our combined strength and expertise better positions Foundrion’s group of nine foundries to drive innovation and deliver exceptional value to our customers and strengthen our position in the market.”
The news release did not provide a transaction price.
Coronado Steel manufactures high-alloy castings and has more than 200 clients worldwide, according to its website. The company serves customers in the oil, gas and industrial machinery, and it has the capability to produce a broad mix of specialized parts, including extrusion dies for steel and aerospace, combustion zone products for power generation, drill bits and valve bodies for oil and gas extraction and high-wear components for steel manufacturers and mining industries.
The company has been “a fixture” of Youngstown’s industrial heritage since the early 1960s and “continues to play a key role in the city’s identity as one of America’s proudest steel towns,” according to the news release. It has “established itself as an imaginative producer of high-alloy castings, usually with heat and/or wear resistant properties” and added larger furnaces, centrifugal casting equipment, and machining and fabrication services,” expanding eight times to more than 100,000 square feet of space on the seven-acre Funston Drive property.
“With hundreds of years of combined work experience, Coronado’s workforce has developed unique methods of blending stainless steel with exotic metals and alloys during the manufacturing process, which has driven the company’s growth and led to year over year revenue increases,” the release continued.
A 75-year-old company, the 50-plus companies that Canerector owns “design and manufacture industrial products across a wide range of industries. Financially secure with no debt, Canerector focuses on reinvesting in their businesses, not selling them,” according to the release. Its businesses “are empowered to operate autonomously, and benefit from a network of peers, business insights and incentives.”
Copyright 2024 The Business Journal, Youngstown, Ohio.
