6/20/2012 9:56:00 AM
NEWS BRIEFS
MW Industries Acquires Hi-Tech Machine
MW Industries acquired all of the assets of Concord, NC-based Hi-Tech Machine.
Hi-Tech is a precision machining business that serves the medical, aerospace, military/defense and hand power tool markets. Its equipment and customers will be integrated into MW’s Springmasters division, based in Greer, SC.
Hi-Tech president Brad Gryder will join the Springmasters division “to work on integration of the existing business base and drive growth,” according to a statement issued by MW Industries.
MW Industries CEO Bill Marcum called the acquisition “an outstanding addition” with “a solid base of machining capabilities.”
“We have been working to build the company into a leading national competitor and each strategic acquisition has added enhanced product offerings and broadened MW’s geographic reach,” Marcum added.
Founded in 1976, Chicago-based MW Industries manufactures engineered mechanical components, including highly-engineered springs, specialty fasteners, machined components, precision stampings and custom wire forms. The company serves more than 23,000 OEM and MRO customers in the medical, heavy truck, electronics, agriculture and construction, military and aerospace, energy and automotive sectors.
In March 2012 MW Industries acquired Mississippi-based Pontotoc Spring, a division of Union Spring & Manufacturing Corp. of Monroeville, PA.
MW Industries is is owned by San Francisco private investment firm Genstar Capital, which acquired MW Industries in 2011. ©2012 GlobalFastenerNews.com
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