DANBORO, PA, October 1, 2010 - PennEngineering®, a global leader in fastening technologies, today announced the acquisition of QRP, Incorporated (Leland, NC), which specializes in the manufacture of quick release pins, lanyards, latches, and access fastener products. Terms of the transaction between the two privately held companies were undisclosed. The acquisition was completed on September 30, 2010.
"This strategic acquisition expands our fastening product portfolio and we expect significant growth opportunities for both of our companies," said Mark Petty, President and Chief Executive Officer of PennEngineering. "QRP's wide range of quick release pin products and related specialty fasteners will provide us with new capabilities and expertise to extend our offerings in key customer markets."
"This represents an exciting opportunity to grow in conjunction with PennEngineering," said Tom Kievit, President of QRP, "and as a result there will be ongoing benefits for both of our companies in the future." Kievit noted that the current QRP management team remains in place and that QRP will continue to operate its business from the company's current locations in North Carolina.
This latest acquisition follows the recent acquisition of 3V Fasteners, Inc. and the introduction of AS9100 quality systems in key PennEngineering plants. "All these initiatives serve to reinforce PennEngineering's position in the Aerospace and Defense markets," Petty added.
QRP founded more than 30 years ago, is a leading supplier of standard and custom-designed quick release pins for the aerospace, military, automotive, and marine industries, among others. The high-quality pins are manufactured in accordance with NASM23460 and NAS1332 and meet PAN, EFA, and AS requirements. In this transaction with PennEngineering, Jacobs Capital served as the financial advisor for QRP.
PennEngineering, founded in 1942 and headquartered in Danboro, PA, develops and manufactures PEM® fasteners, SI® inserts, Atlas® blind threaded inserts, and PEMSERTER® automatic and manual fastener-installation presses. The company has manufacturing facilities and key sales offices in North America, Europe, and Asia and is supported by a worldwide network of authorized engineering representatives and distributors.
Contact Leon M. Attarian, PennEngineering®, 5190 Old Easton Road, Danboro, PA 18916-1000 USA. Phones: 800-237-4736 or 215-766-8853; Fax: 215-766-0143. Web site: www.pemnet.com