What the company gains is new reach in Asia, new product offerings in its catalog and stronger muscle for future capital investments, Shaffer said.
“It’s all good news,” he said. “A very large and successful company is buying us, and they have a lot of synergies to bring to help us grow.”
Misumi Group, of Japan, has signed an agreement to acquire Dayton Progress and its subsidiary, PCS Co., from Connell Limited Partnership, pending regulatory approval, Dayton Progress announced Wednesday.
The acquisition, expected to close in November, also will include Connell’s Anchor Lamina Components business, known for its Danly, IEM, Lempco and Lamina brands.
Dayton Progress has 570 employees at its main facility on Progress Road and 1,000 worldwide, Shaffer said. He said employees worldwide were being told of the acquisition Wednesday in town hall-style meetings. Suppliers and vendors also will be notified, he said.
Asked if the acquisition portended any negative consequences, Shaffer said: “I can’t see any. We’re a hand-in-glove fit.”
Misumi was interested in the company in 2008 when former owner Federal Signal Corp. sold Dayton Progress to Connell Limited Partnership, Shaffer said. “Their (Misumi’s) interest has continued for four years and has grown,” he added.
Dayton Progress manufactures precision tooling for metal stamping and forming. The company has 10 factories in North America, Europe and Asia, shipping to 13,000 customers in 51 countries.
Founded in 1963, Misumi Corp. serves more than 130,000 customers worldwide by supplying mechanical components for factory automation, press die and plastic mold components, cutting tools and gauges. Misumi has manufacturing facilities in 11 countries and annual sales of more than $1.5 billion, according to company officials.
Misumi USA Inc. was established in 1988 as a subsidiary of Misumi Corp. and is headquartered near Chicago.
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