PennEngineering Sales Up

Jason Sandefur

PennEngineering & Manufacturing Co. reported sales for the first quarter of 2005 rose $500,000 to $63.8 million, while net income slipped 15% to $4.8 million.
PennEngineering said income was hurt by a $975,000 merger transaction charge. The company has signed an agreement to be purchased for about $330 million in cash by PEM Holding Co., an affiliate of private equity firm Tinicum Capital Partners II. The deal is expected to close in the first half of 2005. Web: penn-eng.com �2005 FastenerNews.com