AddisonMckee and Eagle Precision Technologies Merge to Offer One-StopTube Manipulation Solutions
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"Lebanon, OH, USA March 17, 2009 - World-leading tube bending and endforming technology specialist, AddisonMckee, today announced an agreement to merge with Eagle Precision Technologies, a world leader in muffler manufacturing solutions.
"This transaction will bring together the two largest global names in tube manipulation products and services," states Joe Eramo, Chief Executive Officer of AddisonMckee. "This merger will provide our collective global customer base with the absolute best in technical solutions from two innovative industry leaders, while lowering our product costs via the consolidation process' underlining synergistic savings." Mr. Eramo further asserts, "In the current economic environment, market consolidations are a reality - with fewer, but larger future customers. Our strategic approach is to be the leader in the consolidation arena, and, ultimately, to be best positioned as customer demand increases in the future."
As a result of this transaction, the manufacturing of products for both AddisonMckee and Eagle brands will be consolidated into AddisonMckee's facilities in Lebanon, Ohio, Brantford Ontario, Canada and Tianjin, China. The Eagle facilities in Brantford, Canada and Shanghai, China will close. This comes on the heels of AddisonMckee's recent announcement of the closure of its United Kingdom facility. Key Eagle and AddisonMckee sales, engineering, parts, and field service personnel will be retained within the business and in strategic locations - all in order to continue to offer the highest levels of support to which AddisonMckee and Eagle customers have grown accustomed.
Adds Christian Rogiers, Vice President, Global Marketing, AddisonMckee, "The resulting organization will continue to do business under the AddisonMckee name, while the valuable Eagle brand name will be retained for key products as part of the rationalization of both product lines. From a product portfolio perspective, the result is an enhanced, complete products and services portfolio - including muffler equipment, tube benders and endformers, precision tooling, and more - all second to none. And with our commitment to innovation, speed-to-market, and exceptional manufacturing capabilities, this merger will significantly benefit our customers around the world."
For further information please contact:
Christian Rogiers - AddisonMckee
E-mail: crogiers@addisonmckee.com
Tel: +1 513 228 7076
Fax: +1 513 228 7226
