Intermet of Atlanta Buys Ironton Iron

Ironton Iron, a 4-year-old employee-owned casting company, has been sold to Intermet Corp. of Atlanta for an undisclosed sum.

Keith Molihan, chief executive of Ironton Iron, said Intermet will have full control of the Ironton plant by the second week of November.

He expects Intermet, a holding company with interests in foundries that produce iron casting for industrial use, to transfer work to Ironton.

Most of the work to be transferred involves parts that have been made at Ironton Iron in the past, Molihan said. Most of the castings are for automobiles and light trucks, he added.

Ironton Iron was founded by former hourly employees of Amcast Industrial Corp., which closed the plant in April, 1984, and put them out of work.

Ironton Iron has been in production since late 1986 but has operated at a loss. The company’s main goal was putting the former Amcast employees back to work, Molihan said.

Intermet plans to have one full shift working by year-end.