A company who had previously announced plans to move operations to Badin has been purchased by another company.

Trident Maritime Systems acquired Custom Alloy Corporation (CAC) in late June, according to Candice Lowder, director of the Stanly County Economic Development Commission.

A press release by J.P. Lehman & Company, of which Trident is a portfolio company, stated Lehman acquired Custom Alloy through a subsidiary. The release further stated Trident “was the prevailing bidder in a Section 363 bankruptcy auction for the assets of CAC.”

Lowder made the announcement at Monday’s meeting of the EDC Board. She said the new company has reached out to Alcoa and is planning a community meeting “near the end of September.”

Trident is headquartered in Arlington, Virginia. According to the release, the company “is a systems and solutions provider to government and commercial shipbuilders and ship operators.”