This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Alleghany Announces Acquisition Of Bourn & Koch

Stocks in this article: Y

NEW YORK, May 2, 2012 /PRNewswire/ -- Alleghany Corporation (NYSE: Y) (" Alleghany") today announced that its subsidiary, Alleghany Capital Corporation ("ACC"), has acquired a majority interest in Bourn & Koch, Inc. ("Bourn & Koch"), a privately-held manufacturer and remanufacturer/retrofitter of precision machine tools and supplier of replacement parts for 27 different product lines headquartered in Rockford, IL.

Weston Hicks, CEO of Alleghany, stated, "Over the last thirty-five years, Bourn & Koch has built a portfolio of some of the most well-known machine tool brands in the United States.  The company has a long history of providing top quality products and services to its customers and we believe that Bourn & Koch's outstanding management team has positioned the company for a bright future.  Alleghany looks forward to supporting Bourn & Koch's management and employees as they continue to grow their business."

Tim Helle, President of Bourn & Koch, said, "Bourn & Koch has grown a great deal in recent years and we believe that our relationship with Alleghany will support the next step in our growth and development while helping us continue to provide superior products and services to our global customer base."

Hunter Wise Securities, LLC acted as financial advisor and Olshan Grundman Frome Rosenzweig & Wolosky LLP acted as legal counsel to Alleghany.

About Bourn & Koch, Inc.

Bourn & Koch, Inc. is a manufacturer and remanufacturer/retrofitter of gear hobbing, gear shaping, gear grinding, vertical turning centers, vertical grinding centers, boring, rotary transfer, multispindle, inspection and specialty machine tools.  Bourn & Koch owns brands including Acme, American Tool, Barber Colman, Blanchard, Brown & Sharpe, Bullard, Conomatic, DeVlieg, Fellows, Ferguson, Futuremill, J&L, Mattison, Motch, MWMC, New Britain, Springfield, Rockford Machine Tool, Roto-Tech, and White-Sundstrand.  Visit www.bourn-koch.com for additional information about Bourn & Koch.

About Alleghany Capital Corporation

Alleghany creates stockholder value through the ownership and management of operating subsidiaries and investments, anchored by a core position in property and casualty insurance and reinsurance.  Alleghany's current operating subsidiaries include: Transatlantic Holdings, Inc., a leading international reinsurance organization headquartered in New York; RSUI Group, Inc., a national underwriter of property and liability specialty insurance coverages; Capitol Transamerica Corporation, an underwriter of property and casualty insurance coverages with a focus on the Midwest and Plains states and a national underwriter of specialty property and casualty and surety insurance coverages; Pacific Compensation Corporation, an underwriter of workers' compensation insurance primarily in California; Alleghany Capital Partners LLC, a limited liability company that manages Alleghany's equity investments, including those held by Alleghany's insurance and reinsurance operating units; and Alleghany Properties LLC, a significant landowner in Sacramento, California.

ACC is a wholly-owned subsidiary of Alleghany that engages in and oversees strategic investments and acquisitions.  ACC's current investments include Stranded Oil Resources Corporation, an exploration and production company focused on enhanced oil recovery; ORX Exploration, Inc., a regional oil and gas exploration and production company; Homesite Group Incorporated, a national, full-service, mono-line provider of homeowners insurance; and Article One Partners, the world's largest patent research community.

Forward-looking Statements

This release contains disclosures which are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.  Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as "may," "will," "expect," "project," "estimate," "anticipate," "plan," "believe," "potential," "should," "continue" or the negative versions of those words or other comparable words.  These forward-looking statements are based upon Alleghany's current plans or expectations and are subject to a number of uncertainties and risks that could significantly affect current plans, anticipated actions and Alleghany's future financial condition and results.  These statements are not guarantees of future performance, and Alleghany has no specific intention to update these statements.  As a consequence, current plans, anticipated actions and future financial condition and results may differ from those expressed in any forward-looking statements made by Alleghany or on Alleghany's behalf.

SOURCE Alleghany Corporation

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs