EIS, Atlanta, a wholly-owned subsidiary of Genuine Parts Co. (GPC), announced today that it has acquired the assets of Seacoast Electric Co. Inc., Hawthorne, N.Y., effective August 31. Seacoast has distribution locations in Virginia, Texas and California and serves the marine and oil and gas markets with shipboard and offshore cables and electrical equipment.
Archive for the ‘Mergers & Acquisitions’ Category
Ideal Industries to Purchase SK Hand Tools
Ideal Industries Inc., Sycamore, Ill., has entered into a definitive agreement to purchase certain assets of SK Hand Tools Corp., one of America’s largest manufacturers of tools for the professional mechanic.
This latest move follows Ideal’s acquisition of tool makers Western Forge, Colorado Springs, Colo., in 2009 and Connecticut-based Pratt Read earlier this ytear is part of its strategy to add more U.S.-made tools to its product portfolio.
Emerson to Sell Motor Business to Japan’s Nidec
Emerson, St. Louis, (EMR) has agreed to sell its Motors and Appliance Controls businesses to Nidec Corp., which will operate these businesses from a headquarters building on the Emerson campus that currently is home to the Motor Technology Center. Included in the sale are two Emerson Motor Company businesses – Emerson’s Commercial and Industrial Motors (CIM) and Emerson Appliance Motors and Controls (EAMC). Combined, these businesses accounted for more than $800 million in sales in fiscal 2009.
Based in Japan, Nidec is the world’s leading manufacturer of small precision motors, including motors used in hard disk drives and optical disk drives. The company is extending its focus beyond the information storage motor market to the home appliance and automotive markets, where it sees high future growth potential.
Business Wire
Acuity Acquires Remaining Shares and IP of Renaissance
Acuity Brands, Inc. (NYSE: AYI), Atlanta, announced that it has acquired the remaining outstanding capital stock of Renaissance Lighting, Inc., a privately-held manufacturer of solid-state light-emitting diode (LED) architectural lighting for an undisclosed amount. Through a strategic partnership, Acuity previously owned a minority stake in Herndon, Va.-based Renaissance, which offers a full range of LED-based specification-grade downlighting luminaires and has developed an extensive intellectual property portfolio related to advanced LED optical solutions and technologies.
Acuity Brands also purchased an intellectual property portfolio “from another innovative technology company” that includes certain foundational patents that were exclusively licensed to Renaissance and other proprietary technology that will enhance the company’s capabilities in lighting sensors and related controls. Terms of this separate intellectual property purchase were not disclosed.
“The acquisition of Renaissance and the purchase of related intellectual property support the Company’s strategy to deliver superior, technologically-advanced lighting solutions,” said Vernon J. Nagel, chairman, president and CEO of Acuity Brands. “This acquisition will extend our innovation capabilities in solid-state lighting and controls, enabling Acuity Brands to continue to deliver leading-edge lighting solutions to the market.”
Honeywell Earnings Report Upbeat on Automation; Rumors of E-Mon Acquisition
Honeywell International, the multi-faceted technology conglomerate based in Morris Township, N.J., reported earnings with a distinctly enthusiastic outlook for economic recovery. The company reported a 24 percent boost in earnings on an 8 percent increase in revenues for the second quarter: $8.2 billion in sales versus $7.6 billion in Q2 2009.
“We believe the recovery is happening, with improving demand in both our short- and long-cycle businesses. However, given ongoing economic uncertainties, we remain cautious about the near-term outlook,” said Honeywell Chairman and CEO Dave Cote in the earnings report.
The company’s Automation and Control Solutions business saw a 7 percent gain in sales and a 9 percent gain in profits, “primarily due to growth in all regions, general industrial recovery, growth in energy efficiency-related projects, and new product introductions, partially offset by softness in residential markets in developed regions.”
The company has posted no official announcements about an acquisition of E-Mon, the manufacturer of sub-metering equipment based in Langhorne, Pa. The deal has been reported on some reliable sites — it was posted by Greentech Media and picked up (verbatim) by The Motley Fool. Electrical Marketing is following up and will report what we learn, so stay tuned. This would be significant step for Honeywell, adding a technology that supports both smart-grid opportunities and its building-management systems.
Here’s Honeywell’s earnings report
UPDATE: A press release from merger/acquisition advisor Cobblestone/Harris-Williams takes credit for advising E-Mon in its acquisition by Honeywell.
Southwire Acquires Tappan Wire & Cable
Southwire Co., Carrollton, Ga., has acquired Tappan Wire & Cable Inc., Blauvelt, N.Y., a manufacturer of wire and cable for the electronics, signal/control and industrial markets. Tappan’s products include security and access control cable, coaxial video cable, fire alarm cable, plenum-rated cables, category cables, home automation/combination cables and commercial sound/intercom cable solutions. The company also makes a wide variety of specialty and custom electronics cables.
Stuart Thorn, Southwire’s president and CEO, said the acquisition will allow Southwire to leverage Tappan’s ability to respond to requests for custom products, pricing and availability for cord, telecom and electronics wire and cable. The deal follows Southwire’s purchase earlier this year of AIW and its line of flexible cord and other types of wire and cable. Southwire press release
Emerson Tops ABB’s Offer for Chloride
Emerson wants to add to its package of UPS products and has upped its offer for Chloride to $1.5 billion, topping the $1.25 billion ABB has on the table for the company.
Reuters
Direct Energy Services to Acquire Clockwork Home Services Franchising Business
Direct Energy, an Ontario-based provider of repair and maintenance services for the residential market, has announced its intention to acquire the assets and business of Clockwork Home Services, Inc., Sarasota, Fla., for $183 million.
Clockwork Home Services owns a diverse array of franchise contracting businesses, including the Mr. Sparky electrical contracting franchise, One Hour Heating and Air Conditioning and Benjamin Franklin Plumbing. According to Entrepreneur magazine’s 2010 listing of the 500 largest franchising businesses, Mr. Sparky was ranked #398 and had 83 franchises in the United States. Direct Energy Services and Clockwork Home Services will combine to become the largest provider of heating and cooling, plumbing and electrical services to more than three million households annually in North America.
In a press release announcing the acquisition, Eddy Collier, president, Direct Energy Services, said. “The combination of Direct Energy and Clockwork Home Services brings together two of the strongest and best home services businesses in North America to create the category leader with network revenues of almost $4 billion.”
The transaction, which remains subject to certain customary conditions including approval by regulators in the United States and Clockwork’s shareholders, is expected to be completed in early Q3 of 2010. Direct Energy is a subsidiary of Centria, a huge utility based in the United Kingdom with approximately $32.2 billion in sales. Details
WESCO Finalizes Sale of Stake in Distributor of Industrial Connectors
WESCO International Inc. Pittsburgh, completed the sale of its 40% stake in LADD Industries LLC, Kettering, Ohio, to Deutsch Engineered Connecting Devices Inc. as previously announced on May 6. LADD is the exclusive authorized U.S. distributor for Deutsch Industrial’s electrical connectors and accessories for industrial, marine and harsh environments. Details
ABB Offers $1.3 Billion for UPS Manufacturer Chloride
ABB Ltd. stepped up the bidding war on Chloride by offering approximately $1.3 billion for the UK-based maker of uninterruptible power supplies. The ABB Group made a cash offer of 325 pence a share, outbidding Emerson Electric Co.’s 275 pence offer made in April. Yahoo Finance