New York, NY /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.
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.