Saco toolmaker acquired by Alleghany Corp.
Courtesy / CID
CID Performance Tooling, acquired by a subsidiary of Alleghany Corp., is based in the Saco Industrial Park.
CID Performance Tooling, a Saco-based manufacturer of carbide end mills and drills, has been acquired by a subsidiary of Alleghany Corp. (NYSE: Y), the storied conglomerate once controlled by financier J.P. Morgan Jr.
With the acquisition, CID joins two other machine-tool makers in a new holding company, Precision Cutting Technologies, formed by the subsidiary, Alleghany Capital Corp. A news release Monday announcing the deal did not disclose terms.
Annual revenues of privately held CID are estimated at just over $3 million, and the company employs roughly 14 people. CID management, including President Jay Lowery, will remain in place, according to the release.
Lowery founded CID in 1986, and for the past 15 years it has been at 6 Willey Road in the Saco Industrial Park. The company’s website says its tools serve manufacturers in the medical, defense, aerospace and power generation industries.
“CID enhances Precision Cutting Technologies' portfolio of consumable cutting tools,” said Precision Cutting President Terry Derrico in the release. “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.”
Lowery said, “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."
Alleghany Corp. was founded in 1929 by Cleveland tycoons Oris and Mantis Van Sweringen to run over 200 companies owned by the brothers — including five major railroad systems. Morgan provided Alleghany’s early financing, but the company divested most of its railroad businesses by the 1970s. Today it is based in New York City and has holdings in a wide range of industries.
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