Precision Pulley & Idler has announced its acquisition of Continental Global Material Handling.
Continental Global Material Handling is a portfolio company of Stellex Capital Management, and the transaction is expected to close in the coming days.
It follows other recent acquisitions for Precision Pulley & Idler (PPI), including Van Gorp, in July of last year.
“Continental has earned its position as one of the most well-respected brands in the industry,” PPI chief executive officer and president Matt Buckingham said.
“We couldn’t be more excited to welcome the Continental management team and employees into our growing company.
“We believe the two businesses are stronger together than apart. The combination of PPI and Continental’s complementary product lines will allow us to enhance our offerings to the customer, backed by our combined conveying expertise, quality products, and industry-leading customer service.”
PPI has a focus on conveyor components across its 25 global facilities and is the industrial Precision Inc. Continental Global Material Handling was established in 1959 and has developed its reputation as a manufacturer of conveyor components and material handling systems.
“Joining PPI is truly exciting for Continental, with each company having incredible management teams and employees,” Continental co-presidents Mark Rodgers and Rich Meacci said.
“The opportunities in front of us are tremendous as we leverage the synergies of these two great companies and build on their already great reputations.”