NEW YORK, March 2, 2020 /PRNewswire/
-- Alleghany Capital Corporation ("Alleghany Capital"),
a wholly-owned subsidiary of Alleghany Corporation, today announced
that its subsidiary, Precision Cutting Technologies, Inc.
("Precision Cutting Technologies") has acquired Supermill LLC
("Supermill"). Precision Cutting Technologies holds Alleghany
Capital's investments in the machine tool and consumable cutting
tool sectors. Headquartered in Berlin, CT, Supermill is a leading
manufacturer of high-performance carbide end mills.
Terry Derrico, President of
Precision Cutting Technologies, commented, "We are excited to
partner with Tom Hale, founder and
President of Supermill, as well as his talented and experienced
team of associates. The acquisition of Supermill enhances
Precision Cutting Technologies' portfolio of cutting consumables
and strengthens its position in the Northeastern United
States. As in our past acquisitions and reflective of our
strategic partnership approach, Tom will continue to lead the
company post-transaction and Supermill's day-to-day operations will
not be impacted. However, we believe that Supermill will now
be able to take advantage of the infrastructure and national sales
reach of the Precision Cutting Technologies platform."
Tom Hale added, "I founded
Supermill in 1990 with the goal of manufacturing the highest
quality end mills for the metal working industry and providing our
customers with unmatched performance and tool life. After
thirty years of growth, I am happy to have found a long-term home
for the company and our loyal employees. I look forward to
what we will build together with the team at Precision Cutting
Technologies in the coming years, staying true to Supermill's
reputation for reliability, innovation, and customer service."
Rob Hulick, Principal of
Alleghany Capital, commented, "We are pleased to welcome Supermill
to the Alleghany Capital family of companies and are excited by the
opportunities that should result as Supermill is able to leverage
the broader reach and capabilities of the Precision Cutting
Technologies platform as well as Alleghany Capital's
differentiated, long-term capital model. We continue to
believe in the secular trends driving the industrial technology,
factory automation, and advanced materials sectors and look forward
to supporting Precision Cutting Technologies and Supermill as they
provide a truly differentiated service offering to their
customers."
Olshan Frome Wolosky LLP acted as legal counsel to Alleghany
Capital. Brown Paindiris & Scott, LLP acted as legal
counsel to Supermill.
About Alleghany Capital Corporation
Alleghany Capital Corporation owns and manages a diverse
portfolio of middle market businesses for its parent company,
Alleghany Corporation (NYSE:Y). Alleghany Capital's
industrial businesses include: (i) Precision Cutting Technologies,
Inc., a holding company focused on the precision machine tool and
consumable cutting tools markets through Bourn & Koch, Inc.,
Diamond Technology Innovations, Inc., CID Performance Tooling, and
Supermill LLC; (ii) R.C. Tway Company, LLC (dba Kentucky Trailer),
a manufacturer of custom trailers and truck bodies for several
niche end markets; (iii) WWSC Holdings, LLC, a structural steel
fabricator and erector for commercial, manufacturing, and
transportation infrastructure projects; and (iv) Wilbert Funeral
Services, Inc., a provider of products and services for the funeral
and cemetery industries and precast concrete market.
Alleghany Capital's non-industrial businesses include: (i) Concord
Hospitality Enterprises Company, a hotel management and development
company; (ii) IPS-Integrated Project Services, LLC, a provider of
design, engineering, procurement, construction management, and
validation services for the pharmaceutical and biotechnology
industries; and (iii) Jazwares, LLC, a global toy, entertainment,
and musical instrument company. For additional information
about Alleghany Capital Corporation, please visit
www.alleghanycc.com.
About Precision Cutting Technologies, Inc.
Precision Cutting Technologies is a holding company with three
operating segments: (i) precision automated machine tool solutions
through Bourn & Koch, Inc; (ii) diamond orifices and nozzles
for the waterjet and other high pressure spraying system markets
through Diamond Technology Innovations, Inc. and (iii)
high-performance solid carbide tooling and solutions through CID
Performance Tooling, and Supermill LLC. For additional
information about Precision Cutting Technologies, please visit
www.precision-cutting.com.
Forward-looking Statements
This release contains disclosures which are forward-looking
statements as defined in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include all
statements that do not relate solely to historical or current
facts, and can be identified by the use of words such as "may,"
"will," "expect," "project," "estimate," "anticipate," "plan,"
"believe," "potential," "should," "continue" or the negative
versions of those words or other comparable words. These
forward-looking statements are based upon Alleghany's current plans
or expectations and are subject to a number of uncertainties and
risks that could significantly affect current plans, anticipated
actions and Alleghany's future financial condition and
results. These statements are not guarantees of future
performance, and Alleghany has no specific intention to update
these statements. As a consequence, current plans,
anticipated actions and future financial condition and results may
differ from those expressed in any forward-looking statements made
by Alleghany or on Alleghany's behalf.
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SOURCE Alleghany Capital Corporation