EDAC Machinery Acquires Smith-Renaud
The $1.5 million addition of Smith-Renaud capabilities in centerless grinding systems and custom precision spindles strategically complements the EDAC Machinery product line.
EDAC Technologies Corporation (Farmington, CT), a diversified designer, manufacturer and servicer of precision components for aerospace and industrial applications, has acquired certain assets of Smith-Renaud, Inc. (Cheshire, CT), a privately-owned developer and remanufacturer of turnkey centerless grinding systems and a designer/manufacturer/rebuilder of custom precision spindles.
Sales from the assets acquired from Smith-Renaud were $1.5 million year-to-date in 2012. Terms of the transaction, which include a future earn-out and a payment at closing funded through working capital and the company’s TD Bank N.A. credit facility, were not disclosed.
Dominick A. Pagano, the president and chief executive officer of EDAC Technologies, commented, “This strategic acquisition broadens our line-up of capabilities to our core EDAC Machinery products, including technologies that improve centerless grinding performance as well as proprietary products for niche markets.
“For example,” he continued, “Smith-Renaud’s unique Holo-Rol bearings offer increased accuracy and productivity over standard bearings and are used in all types of machine tool spindles including turning, milling and grinding machines. Work head spindles also benefit with these highly accurate bearings. Their exclusive design for regulating wheel spindles incorporates ultra-precision hollow roller bearings, which are greased-for-life and adjustment-free.”
“With this acquisition,” added Pagano, “we are adding a team of skilled and experienced engineers and machinists. We welcome all of them to EDAC Technologies.”
Throughout history, the movement of great talent and capability has resulted in major changes. In baseball, notable trades of just one player have been known to create legends of curses to historic teams and ballparks, of record setting performances and of dynasties being created.
The addition of Smith-Renaud, Inc. into the EDAC Machinery Division of EDAC Technologies is no different. Smith-Renaud are a natural fit, like a ball in a glove, and truly compliment the abilities of the EDAC Machinery Division team.
