Handy & Harman (HNH) Acquires ElectroMagnetic Enterprise in $64.5M Deal
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Handy & Harman Ltd. (NASDAQ: HNH) a diversified global industrial company and subsidiary of Steel Partners Holdings L.P. (NYSE: SPLP), announced the acquisition of substantially all of the assets of the ElectroMagnetic Enterprise (EME) business from Hamilton Sundstrand Corporation for approximately $64.5 million in cash.
Based in Kenosha, Wisconsin, EME designs, manufactures and assembles complex, custom engineered electric motors and generators, including a wide range of customized electromagnetic products with high efficiencies and high power densities that provide unique, turnkey solutions for a blue-chip industrial customer base.
EME had revenues of $54.7 million in 2015, and will continue to operate from its existing facility in Kenosha. It will be integrated into HNH’s Montevideo Technology, Inc. (MTI) division, and will conduct business under MTI’s Torque Systems brand of industrial motion control products. The transaction was financed through HNH’s existing senior credit facility.
“The acquisition of EME expands MTI’s product portfolio into higher power products, diversifies our customer base, strengthens our brand, and allows us to bring increased value to customers,” said Bill Fejes, Co-President and CEO of Handy & Harman Group Ltd. “Moreover, the modern EME facility in Kenosha provides an impressive automated manufacturing capability and will allow us to continue to support our long-term growth opportunities.”
MTI is an industry leader in electric motor technology, designing and manufacturing high reliability and high power density custom and build-to-print components. MTI capitalizes on its motor design and manufacturing expertise to win programs by meeting customers’ rigorous performance specifications in the aerospace, industrial, medical and military markets globally. For more information about MTI, visit www.slmti.com.
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Create E-mail Alert Related CategoriesCorporate News, Management Comments, Mergers and Acquisitions
Related EntitiesSteel Partners, Definitive Agreement
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