Morton Metalcraft confirms new owners
Almost four months after its parent company filed for reorganization bankruptcy, Morton Metalcraft now has new owners.
Canadian-based company Matcor Group has acquired Morton Metalcraft, and it will now operate under the corporate name Matcor Metal Fabrication Group.
Morton Metalcraft’s parent company, Morton Industrial Group Inc., filed for bankruptcy in March in an effort to relieve itself from significant debt obligations and augment reductions in operational costs.
At the time of the filing, Morton Industrial Group said the company faced challenges due to the economic conditions and was dealing with lack of available credit in the markets.
This resulted in a dramatic decline in production volumes at its five plants — including two in Morton — due to an overall increased market demand for steel products.
The company’s bankruptcy petition listed more than 200 creditors, with debts of more than $100 million and assets of between $50 million and $100 million.
Morton Industrial Group provides large industrial-engineered components and materials to equipment manufacturers that serve the agricultural, construction and commercial equipment industries.
In a statement, Matcor Group CEO Art Artuso said the acquisition is ideal for the company as it supports their strategy to expand and diversify their supply programs to leading global customers in varied industries.
Some of the companies Matcor works with include Caterpillar Inc., Deere & Co., General Motors, Honda, Case New Holland and Toyota.
Two of Morton Metalcraft’s biggest customers happen to be Caterpillar and Deere & Co.
Artuso said the deal also expands Matcor’s scale and capacity to 10 geographic locations in Canada, the Midwest and Southeast United States.
“We recognize that the full potential of the Matcor Fabrication Group is only possible through outstanding performance in the areas of quality, delivery, customer collaboration and cost. We are committed to maintaining effective relationships with our customers, employees and suppliers,” Artuso said.
Morton Metalcraft representatives could not be reached for comment at press time.