Quincy Castings bought by management, workers.The management and employees of Quincy Castings, Inc, Quincy, OH, have bought the gray and ductile iron Ductile iron, also called ductile cast iron or nodular cast iron, is a type of cast iron invented in 1943 by Keith Millis[1]. While most varieties of cast iron are brittle, ductile iron is much more ductile, as the name implies. foundry f rom the plant's parent company, Warren Tool Corp, Hiram, OH. Michael V
Michael V the Caulker or Kalaphates (Greek: Μιχαήλ Ε΄ Καλαφάτης, . Bailey, general manager of the plant under Warren Tool, is president of the firm. All 85 workers will be eligible to participate in the foundry's employee stock option plan (ESOP ESOP See: Employee Stock Ownership Plan ESOP See Employee Stock Ownership Plan (ESOP). ). Quincy Castings expects to integrate its gainsharing program with the ESOP and an aggressive training program. In addition, one or two members of the foundry's hourly work force will serve on the board of directors. A Dayton, OH, bank provided the acquisition loan as part of the financing package, which also included management investors and convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". purchased by Warren Tool. Strategic Business Services, Columbus, OH, served as Quincy Casting's financial adviser for the purchase, which was finalized on Aug 3. |
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