New York-based Prince Minerals Inc. has acquired IGC Technologies LLC of Milwaukee for an undisclosed amount.
IGC, 4039 West Green Tree Road in Milwaukee, produces anti-veining agents used in foundries. Prince processes minerals, additives and colorants used in making bricks, cement, glass and metals.
Prince has been supplying minerals used to make products at IGC for several years, said Ralf Schoenfelder, former chief executive officer of IGC.
Schoenfelder now serves as managing director for Prince’s newly formed global metallurgical division.
“We are a perfect strategic fit,” he said. “We felt that we have developed significant value throughout the years, through the recession and afterward.”
The combined companies will have improved efficiencies and a broader portfolio of products, since they are complementary, Schoenfelder said. The research and development headquarters for the metallurgical division will be in Milwaukee.
IGC had 22 employees, who will join Prince’s 159 in the United States. Schoenfelder said the merger could potentially eliminate jobs, but he hopes it will create jobs in the long term.
