Esmark Industrial Group, a newly formed subsidiary of Esmark Incorporated, has completed the acquisition of assets of Meadville, Pennsylvania based Excalibur Machine Company Inc for USD 3.5 million in cash.

Excalibur Machine is a precision machining and fabrication firm that supplies parts, sub assemblies and materials handling equipment to Original Equipment Manufacturers engaged in the transportation, materials handling, heavy construction and power generation industries.

Mr James P Bouchard chairman of Esmark Incorporated said that the acquisition of Excalibur Machine Company’s equipment and facility assets will save approximately 50 jobs and provide working capital financing to grow the business and increase employment opportunities in the Meadville, Pennsylvania area.

Mr David A Luptak, currently co CEO of Esmark Incorporated, will become CEO and president of the newly formed Esmark Industrial Group with responsibility for Excalibur Machine Company. He said Esmark Industrial Group will maintain the current Excalibur employees and senior management team and will immediately institute a comprehensive healthcare and benefits program.

Mr Eric Hoover, founder of Excalibur Machine Company, will remain as president. He noted that Excalibur has modern equipment and facilities and a strong OEM customer base.

Mr Hoover said that "Our precision machining and fabrication equipment and facilities, combined with OEM customers such as GE Locomotive, Riley Power, JLG and Siemens Power Generation, will provide Esmark with an expanded customer base to complement its growing Steel Group operations. We are excited about joining the Esmark family and look forward to building a better future for our dedicated employees."