Penn Engineering & Manufacturing Corp. Acquires Atlas Engineering, Inc.
12 April 2000
Penn Engineering & Manufacturing Corp. Acquires Atlas Engineering, Inc.
DANBORO, Pa.--April 11, 2000--Penn Engineering & Manufacturing Corp. today announced that it has acquired Atlas Engineering, Inc. of Tallmadge, Ohio, for an undisclosed sum. Atlas, which had sales of $3.0 million in 1999, is a manufacturer of blind threaded rivets. These fasteners provide a strong, reliable, threaded attachment where only one side of a section is accessible. Applications include closed tanks, chassis members, and tube sections which are commonly found in the automotive and transportation equipment industries.Kenneth A. Swanstrom, Chairman of the Board and Chief Executive Officer, commented, "this acquisition provides Penn Engineering with an entree into this growing segment of the fastener industry and will augment our existing self-clinching product offerings to the automotive industry. By utilizing our marketing expertise and extensive distribution network, we anticipate achieving double-digit sales growth with this product line.
Swanstrom continued, "we should also mention that we have ceased all negotiations with Rivnut Engineered Products, the acquisition candidate which we announced in the fourth quarter of 1999. After further due diligence and investigation, we determined that our resources could be better utilized pursuing other opportunities such as the Atlas transaction."
Business Summary:
Penn Engineering & Manufacturing Corp. is the leading manufacturer of self-clinching fasteners used by the computer, telecommunications, automotive, and electronics industries. The Company's Pittman division, manufactures high-performance permanent magnet dc motors used in electronics, medical, data storage, and office automation applications. Its Arconix Group, Inc. subsidiary, distributes fasteners and other related components to original equipment manufacturers and provides comprehensive logistical and inventory management services.