Hitachi Metals Ltd. will pursue more mergers and acquisitions after unveiling plans to pay $1.3 billion for Wisconsin-based Waupaca Foundry Inc., the largest- ever purchase for the Japanese specialty metals producer.

Waupaca “will make a big contribution to our company as a cash cow and our business base,” Hitachi Metals Chairman Kazuyuki Konishi told reporters today in Tokyo, repeating plans to focus on expansion through acquisitions mentioned by the company after full-year results in April.

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