The closing of the sale is expected in the fourth quarter of 2014, the New York-based private-equity firm said in a news release.

KPS purchased Waupaca Foundry in June 2012, expanding production capacity at its six foundries — three in Waupaca, and one each in Marinette, Tell City, Ind., and Etowah, Tenn. — and adding more than 200 new jobs.

"This investment by Hitachi Metals in Waupaca Foundry's world-class facilities and capabilities is a validation of what we have accomplished over the past two years and signals a strong commitment to manufacturing and the foundry industry in the United States," Gary Gigante, president and CEO of Waupaca Foundry, said in a statement. "Partnering with Hitachi Metals will bring Waupaca Foundry significant global strength that will help us drive continued expansion. We share Hitachi's vision for the future of our business in the United States and its many growth opportunities in global markets."

Hitachi Metals was founded in 1910 as the Tobata Foundry and has a strong tradition in iron casting production, metal technology, and machining services. It operates foundries the United States, Japan, Korea and India.

— Sharon Hanuszczak-Froberg: 920-993-1000, ext. 304, or sharonhf@postcrescent.com; on Twitter @sharon_hf