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NEWARK — A private equity firm has purchased a 50-year-old Newark business that specializes in photo chemical etching, as well as its Ithaca-based parent company.

Chicago-based CORE Industrial Partners said Newcut of Newark and Incodema of Ithaca are now under a new limited liability company called Incodema Holdings.

Newcut is one of the nation’s oldest photo chemical etching providers. With photo etching, Newcut can turn a blueprint or drawing into thin metal parts.

Incodema is a precision sheet metal engineering solutions provider that purchased Newcut in 2011.

Incodema and Newcut serve diversified markets with an expertise in the aerospace and defense, electronics and medical sectors, CORE said.

John May, managing partner of CORE, likes what Newcut and Incodema are doing and believes the private equity group can help both units grow.

“Our investments in Incodema and Newcut underscore CORE’s continued desire to not only invest in advanced digital manufacturing firms that align with Industry 4.0 (the Fourth Industrial Revolution) fundamentals, but also to do so in partnership with founders and family owners,” May said. “We believe access to CORE’s network and resources will prove highly impactful in both augmenting the company’s existing operations and adding new capabilities and geographic reach.”

Sean Whittaker, CEO and founder of Incodema, said the acquisition should benefit the group’s companies.

“On behalf of employees at both Incodema and Newcut, we’re excited to begin this new chapter,” he said. “For decades, Incodema and Newcut have successfully married industry-leading capabilities with a customer-centric orientation that allow us to devote attention to every one of our valued clients. Now, with CORE’s support, we’ll be able to expedite our exciting growth initiatives while preserving our outstanding customer service.”

Newcut General Manager Pete Engel said there are no management changes coming as a result of the acquisition.

“Also, the buyers are committed to staying here, as the building is very specialized and set up for the process we use,” he said. “Newcut has shown some good growth since we built the new building, which we expect to continue.”

Newcut moved from its long-time location on East Union Street to a new 17,500-square-foot facility on West Shore Boulevard in January 2018.