FORT WAYNE, Ind. (WOWO): Fort Wayne Metals is expanding its local operations with plans to invest millions of dollars and add hundreds of jobs following its recent acquisition by New York-based investment company Axel Johnson Inc.

The company says it plans to invest $18.5 million in its northeast Indiana operations and create 150 new jobs.

Fort Wayne Metals manufactures precision materials used in the medical device industry and other industrial applications. CEO Jeremy Rohrs said the investment will support the company’s facilities, manufacturing capabilities, technology, and research and development efforts.

The announcement comes shortly after Axel Johnson completed its acquisition of Fort Wayne Metals on July 1. Financial terms of the deal were not disclosed, though the investment firm first invested in the company in 2021.

Fort Wayne Metals currently employs more than 1,400 people across its operations, including nearly 1,300 employees in Fort Wayne, 72 in Columbia City, and 80 at two facilities in Ohio.

The company recently expanded its Nitinol melting capabilities. Nitinol is a metal alloy used to produce wire for manufacturers of smaller, more complex medical devices.