CID Performance Tooling Inc in Saco, Maine. Credit: Google Maps

A New York investor said Monday that it has bought a majority interest in a precision tool maker based in Saco for an undisclosed amount.

Alleghany Capital Corp. of New York said it had bought Coastal Industrial Distributors, also known as CID Performance Tooling, which makes high-performance solid carbide end mills, which are cutting tools for industrial use.

Additionally, Alleghany will create a new company called Precision Cutting Technologies and fold CID Performance Tooling into that firm, along with two other companies it acquired earlier.

“This transaction furthers Alleghany Capital’s growth strategy in the machine tool and consumable tooling industries,” David Van Geyzel, president and CEO of Alleghany Capital, said in a prepared statement.

He said CID Performance Tooling will keep its current management.

CID will give Precision Cutting more consumable cutting tools and expand its business in the aerospace, defense and medical markets.