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EDAC Technologies acquires assets of Smith-Renaud

EDAC Technologies Corp., Farmington, Conn., a diversified designer, manufacturer and servicer of precision components for aerospace and industrial applications, has acquired certain assets of Smith-Renaud, Inc., a privately-owned developer and remanufacturer of turnkey centerless grinding systems and a designer/manufacturer/rebuilder of custom precision spindles, headquartered in Cheshire, Conn. 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, president and CEO 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, 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, we are adding a team of skilled and experienced engineers and machinists. We welcome all of them to EDAC Technologies.”

Posted Dec. 5, 2012

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