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Quincy Castings bought by management, workers.

The management and employees of Quincy Castings, Inc, Quincy, OH, have bought the gray and ductile iron foundry f rom the plant's parent company, Warren Tool Corp, Hiram, OH.

Michael V. 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). 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 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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Title Annotation:Industry News; management and employees of Quincy Castings Inc. purchase company from parent, Warren Tool Corp.
Publication:Modern Casting
Date:Oct 1, 1990
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