Group M7 (Metal7) announces acquisition of Cast Corporation
by CM Staff
The transaction solely consists of the Cast Corporation foundry, which will be majority owned by Metal7 Inc., and the new entity formed will be known as CAST7 LLC.
QUÉBEC CITY — In order to expand its range of solutions for the primary and mining industries, M7 Group, through its Metal7 Inc. division, announces 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, which will be majority owned by Metal7 Inc., and the new entity formed will be known as CAST7 LLC.
Cast Corporation is a company in northern Minnesota (Hibbing), in the heart of the Iron Ore Range. Their expertise in iron ore pelletizing plants complements Metal7’s range of solutions.
“With a culture of innovation already well established within Group 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.
“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 acquisition of Cast Corporation 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 Group 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.”
