New York investment firm Allegheny Capital this week formed a new holding company for its machine tool and cutting tool subsidiaries and added a Maine manufacturer of carbide end mills.
The new company, Precision Cutting Technologies, includes machine manufacturer Bourn & Koch and waterjet cutting firm Diamond Technology Innovations, which Allegheny acquired in 2012 and 2016, respectively. PCT officials said the addition of CID Performance Tooling would bolster its business in the aerospace, defense, and medical segments while growing CID and expanding its geographic reach.
CID founder Jay Lowery will continue to lead the company and its day-to-day operations in Saco, Maine, will not be impacted. All three PCT subsidiaries, however, will be able to share resources and leverage each other’s experience and capabilities.
"As we build on our proven track record of quality, innovation, and service, we are pleased to have found a long-term home for the company and are excited about the opportunities that will result from this transaction,” Lowery said in a statement.
Terms of the deal were not disclosed.
