PennEngineering® (Danboro, PA, USA) has acquired PROFIL Verbindungstechnik (Friedrichsdorf, Germany), it was announced by both companies. PROFIL will continue to operate as a separate company under the PennEngineering corporate umbrella and the PROFIL brand of mechanical hardware will remain unaffected. In addition, Dr. Frank Grunow, CEO of PROFIL and Petra Michels, Chief Financial Officer, will continue to lead the company along with the existing PROFIL management team. Dr. Grunow and Ms. Michels will report to Mark Petty, CEO of PennEngineering. Terms of the acquisition were undisclosed and no changes are anticipated regarding operations, facilities, and employees. The acquisition ultimately is expected to expand sales growth opportunities for both companies, as well as increase the global awareness of PROFIL’s highly regarded brand.
PennEngineering and PROFIL share a common culture of engineered fastening solutions with diverse yet complementary product lines. Together, the two companies will benefit from PROFIL’s strengths in the European automotive market and PennEngineering’s strong presence in North America and China. The combination of the companies will bring customers the immediate advantage of focused, world-class plants in Germany, Ireland, USA, and China; faster response time for small lots and certified test labs; and R&D presence. 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.
PEM
www.pemnet.com
Filed Under: Fastening + joining, MOTION CONTROL