Ice Industries Completes Asset Purchase of Ronfeldt Associates
TOLEDO, Ohio - February 29, 2008 - An affiliate of Ice Industries, a leading metal stamping, welding and assembly company, announced today that it has purchased the assets of Ronfeldt Associates, Inc.
Ice is purchasing the assets of both Ronfeldt facilities, located in Toledo, Ohio, and Monterrey, Mexico, and plans to keep both facilities in operation. The Toledo facility encompasses 60,000 square feet, and the Monterrey facility is 55,000 square feet.
Ronfeldt Stamping specializes in rugged, heavy-gauge pressure vessels (compressor housings, fire extinguishers, oxyacetylene tanks, etc.) and medium-gauge components. The Ronfeldt plants expand Ice’s deep draw stamping expertise from mechanical to include hydraulic.
Ice has had a definitive Management Agreement and Asset Purchase Agreement with Ronfeldt Associates since June 2007.
“The demand for our products in Mexico was a driving force behind this decision,” said Howard Ice, Founder, Chairman and CEO, Ice Industries. “It’s a mutual win for our presence both at home and internationally.”
Ice has already been awarded new work for the Monterrey facility, including portions of a $181 million, five-year agreement that is providing parts to a leading compressor manufacturer. Ice is also producing pressure vessels for a leading fire extinguisher manufacturer and large compressor components for two other major compressor manufacturers. Ice expects the Ronfeldt facilities to exceed $30 million in sales in 2008.
Francisco Beltran, the plant manager of the Ronfeldt facility, has been in charge of the plant since July when Ice took over management of the company.
About Ice Industries
Ice Industries is a metal stamping, welding and assembly company based in Sylvania, Ohio. The company operates five facilities: Acklin Stamping in Toledo, Ohio; Deerfield Manufacturing in Mason, Ohio; Grenada Stamping and Assembly in Grenada, Miss.; Ronfeldt Manufacturing in Toledo, Ohio; and Ice Mexico in Monterrey, Nuevo Leon, Mexico. The company works with leaders in the automotive, appliance and heat transfer/HVACR industries, among others. For more information, please visit http://www.iceindustries.com.