Superior Tube Under New Ownership
New owner says 78-year-old company will "combine forces" with similar firm in United Kingdom
Superior Tube, which employs about 250 people in the Collegeville section of Lower Providence, has been purchased by a Massachusetts-based private equity firm.
Calling the company "an elite metals manufacturer" in a press release, the Watermill Group announced the company's purchase in conjunction with the purchase of Fine Tubes, Ltd., a similar firm based in the United Kingdom.
Both companies produce specialized metal tubing for use in the aerospace, medical, and energy industries, among other applications.
"Since 1978, The Watermill Group and affiliates have acquired, managed, and transformed dozens of companies operating at the crossroads of hazard and opportunity," the company says on its website.
The company said it would help its new acquisitions "combine forces to create a global leader in high-performance metal tubing."
Founded in 1934, Superior Tube once employed as many as 1,000 people, according to a report in Montgomery Media.