February 2026 Volume 8

INDUSTRY NEWS

ONEX, INC. EXPANDS INTO NEW YORK WITH ACQUISITION OF UPSTATE REFRACTORY SERVICES Six Decades Strong: Employee-Owned Refractory Services Leader Expands Footprint Through Strategic Acquisition

O NEX, Inc., an employee-owned refractory services provider celebrating 60 years in business, has acquired Upstate Refractory Services, Inc., extending its operational footprint into New York and reinforcing its ability to further serve industrial customers across the greater Northeast region. The acquisition is effective January 1, 2026. Upstate Refractory Services will operate as ONEX’s Upstate New York location, with integration occurring thoughtfully over time to ensure continuity for customers and employees. ONEX designs, builds, services, and supplies materials and parts for industrial furnaces, forges, and high-temperature processing environments. The addition of the Upstate location enhances ONEX’s customer coverage and supports its mission to deliver responsive, relationship-driven service backed by skilled local teams.

A Strategic Expansion Rooted in Shared Values Upstate Refractory Services began in 2002, and has developed a strong customer presence, known for its “One Stop Shop” approach offering complete refractory solutions, excellent craftsmanship, and industry leading customer service. Since inception, Upstate has earned a strong reputation and built trusted, long-standing relationships with its customers. As Dave and Diane Wetmore approached their retirement, they prioritized a succession plan that would safeguard employee futures, grow customer service reliability, and protect the values that built their business. With a people first mindset, they chose the employee ownership model with complementary offerings from ONEX. “Upstate’s decision to sell to ONEX reflects a shared belief in long term thinking and people-centric leadership,” said Patrick Laskey, President and CEO of ONEX, Inc. “This acquisition allows us to grow responsibly while supporting our team and customers who made Upstate what it is today.” Leadership Stability and Long-Term Opportunity The Upstate team will continue operating with its existing leadership in place. Krista Nolan, daughter of the founders, has been appointed General Manager of the New York location. Her brothers, Bryan and Jason Wetmore, will also remain in key operational and sales roles. “For our customers, the day-to-day experience doesn’t change,” said Nolan. “The same people, the same standards, and the same commitment to quality remain. What’s new is the added support, resources, and long-term expansion opportunity that come with being part of an employee-owned organization.” Strengthening Employee Ownership and Regional Service Capabilities The acquisition supports ONEX’s ESOP (Employee Stock Ownership Plan) structure, ensuring that business growth directly benefits the team doing the work. By adding a strategically located facility and an experienced team, ONEX strengthens its ability to serve its customers with high-quality refractory construction services, precast shapes, new & retrofit industrial furnaces, custom ceramic fiber components, and refractory material sales. The expansion also positions ONEX to support the increasing demand for refractory solutions expertise as U.S. manufacturing and infrastructure investments continue to grow.

(from left to right) Dave Wetmore, Former Owner of Upstate Refractory passing the torch to Patrick Laskey, President of ONEX.

FIA MAGAZINE | FEBRUARY 2026 52