Madison Industries buys Ferry Industries

April 15, 2015

Rotational molding machinery maker Ferry Industries Inc., Stow, Ohio, has been purchased by Madison Industries, a Chicago holding company. Terms were not disclosed.

Harry Covington, president and owner of Ferry for the past 33 years, will continue with the company as president and a shareholder. Ferry will remain in Stow with its current management team, Covington said.

"It is a really nice situation for our company," Covington said. "This is an opportunity to grow our company, to make other acquisitions and expand our base globally. Madison brings management experience we wouldn't have as a stand-alone company."

Ferry, which also supplies Quintax CNC machining centers for plastics, is the first company in Madison's newly created Madison Industrial Solutions group.