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The New York investment firm Veritas Capital Partners L.P. is betting big on the Northeast Ohio manufacturing sector, with plans to expand a newly acquired plant in Mentor augmenting its recent purchase of Republic Engineered Steels Inc. via a joint venture.
Veritas Capital last month bought Worthington Precision Metals, a subsidiary of Columbus-based Worthington Industries Inc. that operates a 250-employee plant in Mentor as well as a 125-employee plant in Franklin, Tenn. The Mentor plant makes machined metal parts, mainly for automakers. Terms of the sale were not disclosed.
Robert B. McKeon, president of Veritas Capital, said the deal is expected...