Released on February 13, 2008

The FSI Group, Ravenna, Ohio, has closed its metalcasting and machining company Ravenna Aluminum Inc. (RAI) after an extended fight to find a buyer and keep the business open.

Prior to ceasing operations on Jan. 31, RAI operated two permanent mold aluminum facilities in northeast Ohio, producing low and high volume parts for a range of end-use industries. The company closed after 20 years of operation due to a loss of business.

“Certain of RAI’s largest customers made the decision to find alternative sources for their parts,” chief restructuring officer Jeffrey Beard wrote in a letter to the company’s vendors.

RAI officials told local reporters in October that it was planning the shutdown on Dec. 31, barring a new owner stepping in to continue operations. Several reports surfaced in December indicating the company may have secured a buyer; however, an RAI spokesperson declined to comment on the matter.

Beard said that FSI now will pursue other avenues to divesting the company.

“We are continuing to explore options to liquidate the company, including a sale of the assets in their entirety, as well as conducting auctions for the equipment and the real estate,” wrote Beard.