Bimetallic barrel maker Inductametals Corp. has new owners.
Fred Hagedorn and Louis Berger, vice president of Inductametals, now are managing partners of the company. They are members of a new ownership group that bought the company in a deal that closed May 3, Hagedorn said.
Inductametals, which employs 22, is based in Chicago but makes its barrels in Germantown, Wis. The company also sells screws, tips and end caps manufactured by other companies.
Hagedorn said the ownership group bought the assets of the company and will keep the same headquarters and factory.
Terms were not disclosed. The group created a limited partnership to buy the assets of Inducatmetals from its previous owner, a type-C corporation that was owned by a large number of shareholders, Hagedorn said.
Hagedorn, who is a newcomer to the company, said the screw and barrel sector is starting to rebound, after being hit hard by the recession.
``The motivation to buy this company was, I really like the fact that it makes a product that adds value to its customers, and it has the potential of creating a profit for our customers. What's been missing is getting that message into their hands,'' Hagedorn said.
``We see this market coming back and becoming strong again,'' he said.