An Auburn iron castings company is expanding its portfolio with an aluminum business.
Metal Technologies Inc. on Monday announced its acquisition of Key 3 Casting LLC, which owns and operates aluminum die casting plants in Minnesota and Tennessee and an iron foundry in Minnesota.
Combined, the three operations employ 300 and have annual sales of about $74 million.
Terms of the sale were not disclosed.
Metal Technologies, a privately owned company, employed about 700 before the acquisition and had more than $365 million in annual sales. The company operates iron foundries in Auburn; Three Rivers, Mich.; and Ravenna, Mich.
Jeff Turner, Metal Technologies senior vice president, doesnt expect the acquisition to affect Auburn workers. No workforce changes are planned for any of the locations, he said. All Key 3 Casting workers are being asked to continue with the company.
Stocks soar amid Apple deal, outlook
U.S. stocks rose, with benchmark indexes extending all-time highs, as Apple Inc. rallied and the International Monetary Fund indicated it would raise its outlook for the economy.
Apple jumped 3.8 percent after the company struck a deal to sell its iPhones through China Mobile, the worlds largest phone company. T-Mobile US added 2.8 percent after people familiar with the situation said SoftBank Chief Executive Officer Masayoshi Son is exploring a deal for Sprint to buy the majority of the wireless-phone provider next year. Micron Technology slid 3.1 percent after Bank of America downgraded its rating on the stock.
The Standard & Poors 500 Index added 0.5 percent to 1,827.99 at 4 p.m. in New York. The Dow Jones Industrial Average advanced 73.47 points, or 0.5 percent, to 16,294.61. The Nasdaq Composite Index jumped 1.1 percent to 4,148.90. About 5.5 billion shares changed hands on U.S. exchanges, 9.8 percent below the three-month average.
Its a cauldron of bullish factors, said Donald Selkin, who works in New York and helps manage about $3 billion as the chief market strategist at National Securities Corp. Theres the seasonal factor, the IMF raising its forecast and the Fed saying theyre going to keep the federal funds rate low.
Ex-Tiffany exec nets prison time for theft
A former executive from Tiffany & Co. was sentenced to one year in prison Monday for stealing more than $1.2 million in jewelry from its famous Fifth Avenue location, a crime a judge called an inexplicable act of self-destruction by someone who didnt need the money.
Ingrid Lederhaas-Okun had pleaded guilty this year to one count of interstate transportation of stolen property.
Im very sorry for everything thats happened, a tearful Lederhaas-Okun told the judge before hearing the sentence in federal court in New York City. I cant express my remorse enough.
U.S. District Judge Paul G. Gardephe rejected prosecutors arguments that the 46-year-old defendant was motivated by greed, noting that she came from a privileged background, made $360,000 a year at Tiffany and lived in a $4 million house in upscale Darien, Conn. Her attorney claimed that she suffered from depression and cracked under the pressures of not being able to have children, getting passed over for a promotion at Tiffany and seeing her marriage crumble.