FRASER, MICH. (Oct. 18, 1:30 p.m. ET) — Mold component supplier PCS Co. and its parent company, Dayton Progress Corp., are being acquired by Japan's Misumi Group Inc. in a $200 million deal expected to close in November.
The acquisition also includes the Dayton, Ohio-based company Anchor Lamina Die Components group. The Dayton Progress companies are now owned by Connell LP, a private investment group based in Boston. Connell will retain the die set and fabrication divisions of Anchor, and Connell will be a strategic partner to the new Misumi Components Division.
Tokyo-based Misumi is a die components supplier specializing in sales in Japan, China and the rest of Asia. Dayton Progress calls itself the biggest die component supplier in the U.S., and the purchase will create a global firm with a strong emphasis in the auto industry, Misumi and Dayton officials noted in Oct. 17 news releases.
PCS, based in Fraser, Mich., also brings plastics mold making supply base to Misumi.
Misumi said it plans to leave current management in place and continue the product specifications within each of the Connell and Dayton businesses.