Applied Power Inc. announces acquisition by GB Electrical unit.MILWAUKEE--(BUSINESS WIRE)--July 13, 1995--Applied Power Inc. (APW APW All Pro Wrestling APW Altmar Parish Williamstown (School District; Parish, New York) APW Add-Printer Wizard (Microsoft Windows) APW Augmented Plane Wave APW Apparent Polar Wander - NYSE NYSE See: New York Stock Exchange ) today announced that its GB Electrical unit has acquired New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. Controls, Inc. in a transaction valued at approximately $2.1 million. New England Controls, based in Milford, Connecticut Milford is a city in New Haven County, Connecticut, United States. The population was 50,594 at the 2000 census. The city contains the Borough of Woodmont (a separate incorporated place within the city) and Devon. The current mayor of Milford is James L. Richetelli, Jr. , is a prime manufacturer of electrical specialty switches for the electrical wholesale, retail do-it-yourself (D-I-Y), automotive, marine and original equipment (OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and ) markets. Its product offering includes rotary, toggle To alternate back and forth between two states. toggle - To change a bit from whatever state it is in to the other state; to change from 1 to 0 or from 0 to 1. This comes from "toggle switches", such as standard light switches, though the word "toggle" actually refers to , pull chain, rocker, slide and push button switches for both original equipment and aftermarket applications. Ted Lecher, President of GB Electrical, commented, ``New England Controls is an excellent strategic and cultural fit for GB Electrical as it puts us in a position to be a prime low cost producer of a rapid growth core product category. We expect that the former owners, John Gaynor Sr. and John Gaynor Jr., will provide a smooth transition as they assume product development and general management responsibilities within the business. GB Electrical and its parent company, Applied Power, will be able to financially support immediate growth opportunities and future initiatives within the New England Controls business on an accelerated basis. We feel very good about this acquisition, as it will provide the opportunity for additional consolidation and lowered transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). for our customers while it presents numerous new market growth opportunities for GB Electrical.'' GB Electrical has been a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Applied Power Inc. since 1988, and markets and manufactures tools and consumables which are sold to electrical distributors and mass merchandisers. GB Electrical sales have grown from approximately $24 million in 1988 to approximately $75 million today through internal growth and a series of acquisitions of businesses with complementary product lines, such as New England Controls, Inc. Applied Power is a world leader in motion and position control applications and a pioneer in the marriage of hydraulic and vibration technologies with electronics. The Company is comprised of three business segments. The Engineered Solutions Group, which includes the Power-Packer, APITECH and Barry Controls businesses, serves the automotive, truck, mobile equipment, marine, medical equipment, defense and aerospace markets. The Distributed Products Group, consisting of Enerpac and GB Electrical, distributes a wide variety of high pressure hydraulic products, electrical tools and consumables worldwide. The Wright Line business provides technical furniture solutions for offices and laboratories. CONTACT: Applied Power Inc., Milwaukee Robert C. Arzbaecher, 414/781-6600 |
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