Rockford, IL – Bourn & Koch, an American manufacturer of new precision machine tools, today announces that its parent company, Alleghany Capital Corporation, has acquired Coastal Industrial Distributors LLC, (doing business as CID Performance Tooling); and has formed a new holding company for its subsidiaries in the machine tool and consumable cutting tool sectors. Headquartered in Saco, Maine, CID Performance Tooling (“CID”) is a leading manufacturer of high-performance solid carbide end mills. The new holding company formed by Allegany Capital, called “Precision Cutting Technologies” will include Bourn & Koch, Inc. ("Bourn & Koch”), Diamond Technology Innovations, Inc. ("DTI"), and CID.
David Van Geyzel, President and Chief Executive Officer of Alleghany Capital, commented, "This transaction furthers Alleghany Capital's growth strategy in the machine tool and consumable tooling industries. While the formation of Precision Cutting Technologies will not change the management of Bourn & Koch, DTI, and CID, it places these companies under a single platform so that they can share resources and leverage their combined capabilities to provide an enhanced product and service offering to their customers. Alleghany Capital is pleased to welcome CID to the Precision Cutting Technologies group of companies and looks forward to supporting Bourn & Koch, DTI, and CID as they continue to serve their markets."
Terry Derrico, President of Precision Cutting Technologies and Bourn & Koch, added, "We are excited to partner with Jay Lowery, founder and President of CID, as well as his experienced team, and believe that the employees, customers, and suppliers of all the companies within the Precision Cutting Technologies platform will benefit from this acquisition. CID enhances Precision Cutting Technologies' portfolio of consumable cutting tools, while expanding our business in the aerospace, defense, and medical end-markets. With Jay continuing to lead the company post-transaction, CID's day-to-day operations will not be impacted. However, we believe CID will be well positioned to accelerate growth and augment its geographic reach by leveraging the experience, capabilities, and support of Bourn & Koch, DTI, and Alleghany Capital."
"Over the past thirty years, CID has become a leader in producing the highest quality custom tooling solutions for customers serving the most demanding end-markets," stated Jay Lowery. "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."
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