Metals Technology Receivership Sale?
August 12th of this year “The Monty” had a news item about the second largest commercial heat treater in the Chicago area, “Metals Technology Corp.” entering receivership (the original story is further down). The story caught us off guard because this is a much larger than average commercial heat treater and we had heard nothing about financial issues. To give you an idea about the size of the company they have 3 austemper lines, 9 batch IQ’s, 4 endothermic generators, 5 vacuum furnaces, 5 induction systems, 1 automated marquench unit, 6 blast finishing systems and other miscellaneous items. When we first started tracking down this story, we were told that it was hoped a buyer would be found within 60-90 days-a very short timeline indeed. Well, if the rumors we are hearing are true a buyer has been found. What we have been told is that a very large coating company in the region will be the new owners. While we can’t 100% confirm this, we also have no reason to not believe it. We will keep you updated.
“AUGUST 12, 2024; USA Commercial Heat Treater in Receivership-“Metals Technology”; Yesterday we had a news item entitled “USA Commercial Heat Treater Enters Receivership” https://themonty.com/usa-commercial-heat-treater-enters-receivership/ and as promised “The Monty Heat Treat News” followed up on this story-this is what we found out; While it would be difficult to say this is a good news story, we can certainly claim that it is not a bad story either. The company is a long-established commercial heat treater by the name of “Metals Technology” in Carol Stream, IL, USA https://metalstechnology.com/. Established in 1963 it has consistently had sales of over $14 million USD in the past few years and offers austempering, carburizing, vacuum hardening, induction hardening, marquenching and straightening to name a few processes-all in a 70,000 square foot facility. While the company is temporarily in receivership all suppliers are getting paid on time, all customers are being serviced, no employees are being laid off and plans are that the company will continue operating as it has in the past. Watch for more updates from “The Monty”. https://themonty.com/usa-commercial-heat-treater-in-receivership-metals-technology/”
Did you like this article? Click here to subscribe to The Monty.
View our recent magazines and podcasts by clicking the following link. https://themonty.com/magazine/