Canerector, a leading industrial products and services provider, announced today the acquisition of Coronado Steel, a move that strengthens its position in the foundry industrial market, served by its Foundrion Group. The strategic acquisition underscores Canerector’s commitment to growth and its history of expansion through acquiring and investing in North American businesses that exhibit strong fundamentals in its core markets.
“We are thrilled to announce the acquisition of Coronado Steel, marking another milestone in Canerector’s growth journey,” said Joe Tabak, President of Foundrion Group. “We’re pleased to welcome Coronado Steel and its demonstrated expertise in supplying specialty steel alloys for complex and high temperature applications in the petrochemical, steel, and heat treatment industries. Our combined expertise better positions Foundrion Group’s nine foundries to drive innovation and deliver exceptional value to our customers and strengthen our position in the market.”
Daniel Lee, Canerector’s VP of Acquisitions added, “Coronado Steel has a strong team with an inspiring entrepreneurial culture in place. This is a great fit for Canerector and reflects what we see in our family of businesses across North America.” He went on to thank the previous owners, “We appreciate the trust Mike and Kelly placed in us to be the long-term home for this company they worked so hard to build.”
Since the early 1960’s the Coronado Steel Company has been a fixture of Youngstown, Ohio’s industrial heritage. To this day Coronado continues to play a key role in the city’s identity as one of America’s proudest steel towns. Coronado Steel established itself as an imaginative producer of high-alloy castings, usually with heat and/or wear resistant properties.
Over the years, Coronado added larger furnaces, centrifugal casting equipment, and machining and fabrication services. The company has expanded eight times to more than 100,000 square feet of space on its seven-acre Funston Drive property. With hundreds of years of combined work experience, Coronado’s workforce has developed unique methods of blending stainless steel with exotic metals and alloys during the manufacturing process, which has driven the company’s growth and led to year-over-year revenue increases.
A warm welcome to Coronado Steel. We’re excited by the skill and expertise you are bringing to our organization and look forward to a successful future.
For more information on how Coronado Steel complements the Foundrion Group visit their website at www.foundriongroup.com.