Investment Group Purchases Rane Precision Die Casting Plant
RUSSELLVILLE, Ky., Oct. 2, 2023 /PRNewswire/ -- An investor group led by Todd DiBenedetto and with a history of successful corporate turnarounds has purchased the Rane Precision Die Casting facility in Russellville, Kentucky, saving 200 jobs. The transaction closed in mid-September after India-based Rane Group struggled to succeed following its purchase of the plant in 2016.
Kentucky Industrial Holdings, Inc. has purchased the facility and the owners are rebranding the company as Russellville Engineered Castings, Inc.
The former Rockwell plant specializes in aluminum castings for the automotive and other industries. Founded in 1956 as a captive die caster for Rockwell Corp., the company was formerly known as Precision Die Casting and was sold in 1989. That began a string of ownership and name changes with Rane Group of India purchasing the company in 2016. Despite several million in capital investments, the company struggled to succeed under Rane ownership and risked eliminating 200 jobs from the community if a new buyer could not be found.