BETTENDORF, Iowa (AP) — A local investment group has bought an eastern Iowa steel castings company that filed for bankruptcy protection in March. Scott Tinsman Jr. represents the Tinsman family, which is part of the group, and he said Friday the group bought 100 percent of the Sivyer Steel assets from the bankruptcy court in July. The price: $6.5 million.
The company’s new name will be Sivyer Steel Castings LLC. New CEO Michael Baxley says the company plans to renovate its Bettendorf facility and update its equipment. The company also hopes to add to the list of more than 240 employees.
Sivyer produces medium to large steel castings for the mining, military, passenger rail and oil and gas industries. Company officials say a slowdown in orders, especially from the mining industry, forced the bankruptcy filing. Tinsman says Sivyer has “hit the bottom, and we’re on the way up.”