John Wolz

PennEngineering is expanding its base in Europe with the acquisition of one of its customers, Precision Steel Components.
The Galway, Ireland-based Precision Steel is an engineering firm.\
PennEngineering will invest an estimated $1 million in machinery to expand Precision Steel�s capacity.
Precision was founded in 1980 by the husband and wife team of Charlie and Kathleen Coughlan.
He said proceeds from the sale would be shared with the 85 employees based on years of employment.
Coughlan will remain managing director.
PennEngineering manufactures specialty fasteners and dc motors and distributes fasteners in 40 countries. Founded in 1942, PennEngineering changed its name last year from Penn Engineering & Manufacturing Corp. It is headquartered in Danboro, PA, and has facilities in Pennsylvania, North Carolina, Virginia, England and Singapore.