Drummondville, November 4th, 2016 – Soucy Group announces today being in the process of acquiring Laforo Foundry located in Ste-Claire, Beauce.
Founded in 1975, Laforo Foundry specialises in the manufacture of high volume gray and ductile cast iron small parts for industrial, railway, agricultural and automotive industries.
‘'For Soucy Group, there is a highly important potential linked to this acquisition. Some major investments in automation have been done in this foundry in recent years and its capacity is complimentary to the one of Soucy Belgen, our Drummondville foundry, which is specialising in the manufacture of large parts’’, explains Eric Côté, President and Chief Operating Officer of Soucy Group.
This acquisition is however conditional on a diligent review process that may materialize and allow the transaction to be formalized in the next 2 or 3 weeks.
Laforo has been facing financial difficulties for several months and experienced many closings and re-openings since 2015. It employs about 40 people, the majority of whom had been laid-off or put on a time sharing program.