August 18, 2011
John Crane Enters Into Agreement to Buy Turbo Components & Engineering
HOUSTON, Aug. 18, 2011 /PRNewswire/ -- John Crane is very pleased to announce that it has entered into an agreement to purchase Turbo Components & Engineering (TCE), based in Houston, Texas, United States.
TCE is a leading aftermarket bearing repair facility with a globally recognized brand and a world-renowned reputation for customer service, technical knowledge and product quality. When completed, the acquisition of TCE will build upon the strengths of John Crane's existing bearing organization, providing John Crane with the needed knowledge, brand recognition, products and service offerings to build its global bearing repair capabilities.
Subject to regulatory approval, the transaction is scheduled to be complete in late September. More communications will be released following the formal closing.
John Crane is very excited about this new opportunity, which further enhances its existing bearings capabilities and supports the development and growth of the company into the leading global hydrodynamic bearings provider.
SOURCE John Crane