Superior Industries, Inc., a Morris, Minnesota-based manufacturer of equipment for energy and industrial infrastructure markets, announces the sale of Hancock Concrete to North America’s largest manufacturer of construction accessories, Oldcastle Infrastructure. With 65 operations in 25 states, Hancock’s plants will be Oldcastle’s first in the Upper Midwest.
“With limited presence in the geography, Oldcastle will rely heavily on the experience of our teams and the presence we’ve already built in this region,” says David Schmidgall, a vice president at Hancock and great grandson of the 104-year-old company’s founder. “We’re also exploring new products we can build together at our plants, which means more opportunity for employees.”
Superior acquired Hancock Concrete in 2011, but the two companies’ roots date back much further. Neil Schmidgall, Superior’s founder, is a grandson of Hancock’s founder. Neil started his career working for his dad at Schmidgall Sand & Gravel, which supplied aggregate to Henry Schmidgall’s Hancock Concrete.
“We were not looking to sell — in fact — hadn’t even considered it,” says Bob Domnick, CEO at Superior Industries. “However, we were approached by several potential buyers, which caused us to genuinely think about our future and growth opportunities for employees.”
“We love our Hancock colleagues and pray that this will greatly benefit each of them,” Domnick says. “These are two like-minded, like-product companies that wake up everyday thinking about precast concrete. We believe that means greater opportunities for employees they might not have otherwise experienced.”