Private company Speyside Equity has purchased Pacific Steel, West Berkeley, Calif. The Daily Californian reports the $11.3 million transaction followed the firm’s bid in June, on the heels of the metalcaster’s bankruptcy filing in March.
Family-owned Pacific Steel employs 400 people and is not expected to cease operations or make major changes, according to company spokesperson Elisabeth Jewel.
“Everybody is very relieved that the company will stay open and continue to operate,” Jewel said. “These are great jobs. They’re union jobs that pay well, and we don’t want those jobs to go away. We certainly don’t want them to go overseas.” Though its purchase has been completed, she said Pacific Steel will be officially under new ownership in a few months.