It sounds like only good news for the South Shore, and Cudahy, resulting from the purchase of Ladish by its largest raw materials supplier, Allegheny Technologies of Pittsburgh.
Here is the Journal Sentinel story on the transaction. From it:
Company executives say they have no plans to reduce employment at the Ladish headquarters and plant in Cudahy. The 105-year-old company has 1,700 employees at operations in Wisconsin, California, Oregon and Poland.
“This is about growth. It is not about consolidation,” said Gary Vroman, Ladish president and chief executive officer.
“This is not putting any blue-collar or white-collar people at risk,” Vroman said. “I want to stay. I look forward to this, and I am sure that we will work things out.” …
The deal is the second blockbuster sale of a Milwaukee-area manufacturer this week. On Monday, Bucyrus International Inc. of South Milwaukee said it was being acquired by Caterpillar Inc. for $7.6 billion.
Ladish also is a major supplier to Caterpillar, which expects to own Bucyrus in mid-2011.
“Years ago, we did quite a bit of work with Bucyrus. And we certainly are looking forward to having discussions with the Caterpillar and Bucyrus combination to see if it will mean something positive to us,” Vroman said.
Also, click here for a Business Journal story on the purchase. From it:
No layoffs are expected as a result of the deal and Ladish brand will remain intact, Vroman said.
“Without question, this merger significantly improves the long-term outlook for Ladish,” he said.
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