The acquisition adds key technologies and processes in aluminum and magnesium casting.
Tolley, a 27-year industry veteran, has held several executive roles within the company since joining in 2014.
Second-quarter 2020 highlights include revenues of $157.9 million.
Abruzzo, the retired CEO of Stoneridge, Inc., has served as a member of Shiloh’s board of directors since 2004.
The company will source clean energy through DTE’s MIGreenPower program.
Net income was $1.1 million or 5 cents per diluted share.
First quarter revenues increased 4.5 percent year-over-year to $258.9 million. The company reported a gross profit of $13.7 million with a gross margin of 5.3 percent.
“Shiloh remained on track with our plan in the second quarter given the significant plant and product launch activity as we converted more of our wins from recent years into commercial production,” said Ramzi Hermiz, president and CEO of Shiloh Industries Inc.
Shiloh Industries Opens Nantong, China, Facility For Lightweight, High-Integrity Aluminum Cast Products
The state-of-the-art facility will begin producing new, nine-speed, aluminum transmission carriers and reverse carriers through Shiloh’s proprietary, high-integrity casting technology and has additional roll-outs scheduled.
Shiloh Industries Expands Position In Global Magnesium Cross Car Beam Products With Recent Acquisition
The company will double production capacity for magnesium castings with this addition and become one of the leading global manufacturers of magnesium cross car beams.
The acquisition complements the company’s global footprint and expands into aluminum and existing magnesium casting and stamping capabilities, as well as providing for necessary growth-capacity in Europe, according to Shiloh.
The company reported a gross profit of $28.3 million with a gross margin of 10.7 percent.