McInnes Rolled Rings Acquired by Pittsburgh-Area Company
McInnes Rolled Rings, an Erie business that produces seamless carbon, alloy and stainless-steel rolled rings, has been acquired by a Pittsburgh-area company.
ELLWOOD Group, which is based in Ellwood City, Pa., is purchasing McInnes for an undisclosed price.
McInnes will be a wholly owned subsidy of ELLWOOD, but the company will continue to operate independently. Operations will proceed without interruption during the acquisition and beyond, according to a news release.
ELLWOOD said the purchase fits the company's strategy to "provide world-class problem solving, quality metals, and custom-engineered components for critical applications around the world."
McInnes CEO Tim Hunter and his management team will continue to lead the business.
“We have a great team in place," said Hunter. "ELLWOOD’s investment enables us to continue to develop our people, technology and equipment right here in Erie, expanding our ability to meet our customers’ needs.”
The transaction is set to close on March 31.