In order to expand its range of highly specialized solutions for the primary and mining industries, Groupe M7, through its Metal7 Inc. division, is pleased to announce the acquisition of the assets of the Cast Corporation foundry.
This modern company is specialized in the manufacturing of various critical components mainly for iron ore pellet plants. The transaction solely consists of the Cast Corporation foundry assets, which will be majority owned by Metal7 Inc., and the new entity formed will be known as CAST7 LLC.
Cast Corporation is a well-established company in northern Minnesota (Hibbing), in the heart of the Iron Ore Range. Their expertise in iron ore pelletizing plants complements Metal7’s highly specialized range of solutions, reinforcing Group M7’s reputation in this industry.
“With a culture of innovation already well established within Groupe M7, the addition of Cast7 LLC will create synergies that will help us pursue our mission of increasing our clients’ productivity while reducing their environmental footprint. With our expertise in international trade and financial capabilities, this transaction will allow Metal7 Inc. to develop markets around the world and accelerate the development of its range of solutions,” said Eric Martin, President and CEO of Group M7.
Cast Corporation, through its expertise, has the best technology in the area, all combined with an automated manufacturing process allowing them to be a leader in the U.S. market to date. “The size of the global market is enormous. The expertise and resources of Metal7 Inc. will be a catalyst to drive Cast7 LLC,” added Tim Bungarden, President and CEO of Cast Corporation.
“The creation of CAST7 is part of our expansion and consolidation strategy intended to create a Canadian leader in high value-added products and services for the mining industry, a company whose expertise is recognized internationally,” said Bruno Fortin, Chairman of the Board of Directors of Groupe M7.
“Metal7’s acquisition is a significant step toward achieving their long-term goals in the U.S. and abroad,” said Lissa Bjerkelund, Vice-President, Investments and International Financing Direct at EDC. “As the recipient of the 2021 MercadOr Award for Export Leader and Exporter of the Year, Metal7 has proven its ability to succeed on the world stage. Through its direct lending program, EDC is proud to support this innovative Quebec-based company as it expands its international operations to help serve more global markets.”
ABOUT GROUPE M7
Group M7/Metal7 Inc. and its divisions (Metal7, Enduride, Megatraction) are recognized as worldwide partners for innovative and sustainable natural resources transformation solutions. The group is owned by large Canadian investment funds (Fonds de Solidarité FTQ, Fondaction, BDC Capital, STAS Inc.) and senior top managers all based in the province of Quebec, Canada.
Since February 1974, Metal7 Inc. has been designing and manufacturing innovative products and equipment to help primary industries increase the efficiency of their processes, mainly for iron ore pellet plants and aluminium industries. Located in Sept-Iles, Quebec, the main industrial region for iron ore in Canada, its expertise in surface engineering is renowned worldwide by top mining companies. Metal7 Inc. exports more than 80% of its sales outside Canada to over 20 countries.
ABOUT CAST CORPORATION
Founded in 1994 in northern Minnesota, Cast Corporation designs and manufactures high-performance castings for furnaces, as well as special alloy castings mainly for iron ore pelletizing plants. A key partner in supplying quality parts offering better performance and more durability, Cast Corp’s foundry facility delivers the most cost-effective production by leveraging a high degree of automation and environmentally friendly processes.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, EDC equips Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business. For more information and to learn how EDC can help your company, call us at 1-800-229-0575 or visit www.edc.ca