Charter Buys Wells Manufacturing/Dura-Bar
Charter Manufacturing Co., Mequon, Wis. announced it has acquired Dura-Bar and Dura-Bar Metal Services as part of its stock purchase of Wells Manufacturing Co. As a result of the acquisition, Charter said it adds a fourth division focusing on specialty iron bar to its family of companies, which also includes Charter Steel, Charter Wire and Charter Automotive.
Dura-Bar produces, continuous cast iron bar stock, and Dura-Bar Metal Services is a distributor of Dura-Bar products and bronze alloys. Charter Steel is a supplier of carbon and alloy steel bar, rod and wire products, and Charter Wire is a supplier of precision cold finish bar, cold-rolled steel custom profiles, flat wire and other wire coil products. Charter Automotive is a Tier 1/Tier 2 supplier of engineered components and assemblies for the automotive industry.
"For Charter, the acquisition of Dura-Bar and Dura-Bar Metal Services allows our organization to diversify and extend our reach into new markets," said John A. Mellowes, chairman and CEO of Charter Manufacturing,. "The acquisition complements our continuing, strong focus on the automotive sector, and while that will always be important to Charter, this acquisition extends our reach into the capital goods market."
Wells Manufacturing has approximately 360 employees at its Dura-Bar facilities in Woodstock, Ill.; York, Penn.; Salisbury, N.C.; and Changzhou, China. Charter has operations in Milwaukee; Cuyahoga Heights and Fostoria, Ohio; Lichfield, U.K.; and Wuhu, China. Charter employs about 1500 people.
Mellowes said that there will be no employment or staffing changes for the foreseeable future.