CMA acquired controlling interest in Pillar Induction Co. in 2003, providing a solution for a retiring entrepreneur confronting estate-planning issues. Pillar manufactured custom-engineered, induction melting and heat-treating equipment. CMA found the business attractive for investment due to:
- Characteristics fitting CMA’s target criteria: capital goods manufacturer with a substantial parts and service component, proprietary electrical engineering technology, impressive customer base and longstanding relationships
- CMA and the new board of directors provided a leadership solution filling the void resulting from the founding owner’s retirement
- The world-class, ISO-certified plant facility in the US and the wholly-owned subsidiary in Shanghai, China positioned Pillar for long term revenue growth
- Committed, industry-experienced personnel passionate about maintaining the Pillar heritage of bringing advanced power electronics to its customers desiring to use induction technology to their competitive advantage
CMA merged the Pillar and ABP Induction operations in January, 2008. Combined under the ABP Induction name, the two companies formed a highly competitive global business with meaningful share in all key industrial markets.
2011 Divestiture: Effective January 1, ABP sold its U.S. Heating Division assets consisting of the two former Pillar plant operations in Brookfield, WI and Sterling Heights, MI and the intangible assets associated with the Pillar brand products. The ABP US Melting Division and all ABP international operations remained unaffected by the divestiture, a positive strategic transaction for both ABP investors and the buyer, a subsidiary of Park-Ohio (NASDAQ: PKOH).