Washington, Pennsylvania-based Precision Marshall was acquired by Las Vegas-based Live Ventures for about $31.5mn on Friday.
Precision has been an independent manufacturer of premium tool steels and specialty alloys since 1948 and is a supply chain manufacturer for the automotive, appliance, aerospace, and defense industries in the US. The company makes use of machine applications to convert steel into tool-and-die finished steel products for these industries.
The acquisition is anticipated to increase Live Ventures’ consolidated revenues by about $50mn per year, according to its press release.
Former senior vice president of Precision Marshall Steel, Thomas Sedlak will now function as the chief executive officer of the company. Sedlak welcomed the move, making note of Live Ventures’ industry experience and manufacturing strength.
Jon Isaac, President and chief executive officer of Live Ventures expressed appreciation and said the acquisition is fitting to grow business and serve the local economy.