|
- JOINT PRESS RELEASE
DOERFER ACQUISITION COMPANY & RTS GROUP, PLC
Doerfer Corporation, headquartered in Cedar Falls, Iowa, and RTS Group, Plc. have announced that they have reached a conditional agreement as to Doerfer’s acquisition of the business operations and assets of RTS Wright Industries, LLC, Nashville, Tennessee. This transaction is subject to RTS Group, Plc shareholder approval and is anticipated to close on April 23, 2004.
The acquisition of RTS Wright Industries by Doerfer Companies will be the seventh such transaction completed by Doerfer since 1995. Previous acquisitions have included the purchase of the Doerfer Engineering Company division of Container Corporation of America in 1995, purchase of Key Automation, a Minneapolis, MN, engineering firm specializing in packaging machinery in 1997, as well as acquisitions in 1998 and 1999, respectively, of Williams White and Company, a 145 year old Moline, IL, company involved in the design and manufacture of large format hydraulic press systems for automotive and industrial applications, H & H Machine Tool Company, a Cedar Falls, IA, automation firm which develops custom systems for metal forming, cutting, and material handling applications, the purchase of Advanced Automation, Inc., Greenville, SC in 2000 with a focus on the high speed assembly and process automation of discrete parts and the 2003 purchase of TDS Automation, Waverly, IA, a company specializing in tool and die system automation.
RTS Wright Industries brings new engineering and manufacturing capabilities to the Doerfer family of companies as a result of its extensive experience in providing concept, build, and integration of large process automation systems for the automotive, computer, man made fiber, nuclear, medical, pharmaceutical and telecom industries. This acquisition will provide Doerfer an entry into the telecom and nuclear industries while also substantially enhancing Doerfer’s build to print and tool and die systems capabilities.
The addition of Wright Industries to the Doerfer family of companies will result in a combined entity of over 750 employees with multi-state facilities exceeding 850,000 square feet. RTS Wright Industries will maintain its separate offices and facilities in Tennessee and will use the Wright Industries corporate name in its business dealings. Mr. Phil Johnson, President of RTS Group, PLC and Mr. David L. Takes, President of Doerfer Corporation stated that the combined operations and expanded capabilities of the companies present a significant opportunity for the Doerfer Corporation and Wright Industries to leverage their relationships as they continue to pursue stable and sustained business growth.
Mr. Chris Brown, Chairman RTS Group and Mr. Sunder Subbaroyan, Chairman, Doerfer Corporation noted that the transaction establishes strategic alliances which will enable RTS Group to utilize Wright Industries resources to grow the nuclear business segment in North America while enabling Doerfer to expand its European presence.
-
-
-
|