John Crane Completes Purchase of US Bearings Company
Resource from: John Crane Likes:2959
Oct 10,2011
3 October 2011
John Crane, a division of global technology business Smiths Group, today announces completion of its purchase of the business and assets of Turbo Components and Engineering Inc. (TCE) which services, repairs and builds replacement bearings and seals used in critical rotating equipment. This follows regulatory approval for the acquisition, first announced on 17 August 2011.
The main customers of the Houston-based company include refineries, chemical plants and power producers. TCE has a gross asset value of approximately $3.2 million and sales of around $10 million are forecast for the current calendar year. The purchase price was not disclosed.
The acquisition underlines the continued expansion of John Crane's range of solutions for high-performance rotating equipment, which includes other product areas such as mechanical seals and support systems, specialised filtration equipment and power transmission couplings.
John Crane www.johncrane.com is a world-leading provider of engineered products and services for the major process industries, including oil and gas, power, chemical, pharmaceutical, and other general industries. It is part of Smiths Group www.smiths.com,a global technology company which is listed on the London Stock Exchange (SMIN) and operates a sponsored level one ADR programme (SMGZY). A world leader in the practical application of technologies, Smiths Group products and services for the threat & contraband detection, medical devices, energy and communications markets worldwide. Our products and services make the world safer, healthier and more productive. Smiths Group employs more than 23,000 people in over 50 countries.
Smiths Group
Smiths is a global technology company which is listed on the London Stock Exchange (SMIN) and operates a sponsored level one ADR programme (SMGZY). A world leader in the practical application of technologies, Smiths Group products and services for the threat & contraband detection, medical devices, energy and communications markets worldwide. Our products and services make the world safer, healthier and more productive. Smiths Group employs more than 23,000 people in over 50 countries.
(John Crane)
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