Sequa Adds Thermo Wisconsin to MEGTEC Systems Unit
8 February 1999
Sequa Adds Thermo Wisconsin to MEGTEC Systems Unit
NEW YORK--Feb. 8, 1999--Sequa Corporation has acquired Thermo Wisconsin Inc., a unit of Thermo Fibertek, for approximately $13 million and will combine the operation with its MEGTEC Systems subsidiary.Thermo Wisconsin, which recorded 1998 sales of approximately $20 million, supplies the U.S. printing and process industries with continuous process dryers, air pollution control equipment, web and air handling systems and other specialty products. MEGTEC Systems supplies the worldwide printing and industrial markets with roll and paper handling systems, air flotation dryers and air emission control equipment.
Commenting on the transaction, John J. Quicke, Sequa's president and chief operating officer, said, "The acquisition of Thermo Wisconsin adds substantively to our business in the printing, paper and converting industries and brings a longstanding and highly regarded line of equipment under the MEGTEC umbrella. What's more, the addition of Thermo Wisconsin clearly establishes MEGTEC as a premier supplier of auxiliary equipment, services and process expertise to the global market."
The combined businesses will operate from MEGTEC's existing locations in DePere, Wisconsin and Evry, France. Additional sales and service centers are located in Asia, Europe and the United Kingdom.
Sequa Corporation is a diversified technology-driven manufacturer whose other operations include the repair and manufacture of components for jet engines; the production of rocket propellant and gas generators for military and space applications, as well as airbag inflators for automotive vehicles; the coating of metal coil for use in building products and other applications; the development and supply of specialty chemicals for laundry detergents; the production of men's formal wear; and the manufacture of automotive cigarette lighters, power outlets and other components.