9/3/2014 12:06:00 PM
NEWS BRIEFS
PennEngineering Acquires Germany-Based PROFIL
PennEngineering acquired PROFIL Verbindungstechnik (Friedrichsdorf, Germany). Terms were not disclosed.
PROFIL will continue to operate as a separate company under the PennEngineering corporate umbrella and the PROFIL brand of mechanical hardware will remain unaffected.
PROFIL’s management team will remain in place, led by CEO Frank Grunow and CFO Petra Michels, who will report to PennEngineering CEO Mark Petty. Both companies anticipate no changes in operations, facilities, and employees.
In a joint press release, the companies said they “will benefit from PROFIL’s strengths in the European automotive market and PennEngineering’s strong presence in North America and China.”
“The acquisition of PROFIL significantly enhances the combined company’s fastener installation system engineering, technology and service, offering globally some of the most advanced and reliable installation equipment available.”
Founded in 1965, PROFIL develops nuts and studs that are fastened to metal-shaped parts by a riveting, piercing, or pressing process. PROFIL is a system supplier with in-house design for automated feeding and installation equipment. All major European automobile manufacturers and their suppliers are among PROFIL’s customers.
Founded in 1942, PennEngineering has manufacturing and sales facilities in North America, Europe and Asia and is headquartered at 5190 Old Easton Rd., Danboro, PA 18916-1000. Tel: 215 766-8853. Web: pemnet.com
For more on PennEngineering, click here for the article “2005 FIN – Private Equity Firm to Acquire PennEngineering” in Fastener History.
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Related Links:
• PROFIL
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