Released on November 26, 2007

Diecaster Cape Breton Castings, North Sydney, Nova Scotia, Canada, has been purchased by a group of mostly local businessmen and renamed Atlantic Castings Ltd., according to local news reports.

The Nova Scotia Business Journal reports that Irving Schwartz, Harold Schwartz, Jim Kehoe, Sean Burke, Hilly Acres Farm, Jean Dugas and Allan MacPhee purchased the plant from the Cape Breton Growth Fund with a $2 million promissory note. According to journal, the business had been “struggling” prior to the purchase.

“We see an opportunity,” Burke told the business monthly. “With the exception of Mr. MacPhee, we are all based locally here, so we have a sense of community. We like to see businesses stay here and grow because it benefits the whole area.”

Cape Breton Castings primarily produces aluminum parts for the automotive industry.