< Back
COMPANY
DEVELOPMENT Over
the years, the Company achieved growth through both acquisition
and internal development. In 1962, we changed our name to AMSTED
Industries to recognize our move into diversified businesses
beyond foundry operations. An employee stock ownership plan
("ESOP") was formed in 1986 and we became a privately
held company with the majority of shares held by the ESOP trustee.
In 1998, we became 100% owned by the ESOP trustee and converted
our corporate structure to an S corporation.
On
August 16, 1999, we made the largest acquisition in our history
by acquiring Varlen Corporation, a NASDAQ-traded corporation
with complementary operations. During 1999, we also acquired
a privately held producer of powder metal parts and divested
our wire rope division. Since 1999, our acquisition and divestiture
activities have been limited.
Currently,
our entities design, manufacturer and market products primarily
for the North American marketplace where 85% of our revenues
are derived. We have [47] manufacturing facilities located
in [11] countries with approximately 9,200 employees worldwide. |