Twin Disc, Inc. Announces the Sale of Its Southeast Distribution Territories to Great Lakes Power Service Company
By Business Wire News
By Business Wire News
Twin Disc, Inc. (NASDAQ: TWIN), today announced that effective September 25, 2015, Great Lakes Power acquired Twin Disc’s distribution rights to sell and service Twin Disc products previously supported by Twin Disc Southeast. As part of the transaction, Great Lakes Power, a longstanding Twin Disc distributor currently serving the mid-Atlantic and northeastern United States, has purchased certain inventory and operational assets from Twin Disc Southeast. Great Lakes Power will continue to operate facilities previously used by Twin Disc Southeast including locations in Jacksonville, Tampa, and Miami, Florida as well as the newest location in Beaufort, North Carolina.
Great Lakes Power acquired Twin Disc Southeast’s assets and distribution rights for approximately $4 million. In February of this year, Great Lakes completed a similar transaction by acquiring the assets and distribution rights from Twin Disc Mid-Atlantic for approximately $1 million.
John H. Batten, President and Chief Executive Officer, said: “We are pleased to expand our relationship with Great Lakes Power, which has distributed and serviced Twin Disc products since it was founded over 40 years ago. These transactions are part of Twin Disc’s ongoing strategy to focus resources on core manufacturing and product development activities aimed at spurring growth and greater profitability.”
About Twin Disc, Inc.
Twin Disc, Inc. designs, manufactures and sells marine and heavy-duty off-highway power transmission equipment. Products offered include: marine transmissions, surface drives, propellers and boat management systems, as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches and control systems. The Company sells its products to customers primarily in the pleasure craft, commercial and military marine markets, as well as in the energy and natural resources, government and industrial markets. The Company’s worldwide sales to both domestic and foreign customers are transacted through a direct sales force and a distributor network.
About Great Lakes Power Products
With fourteen locations throughout the Mid-West and spanning the entire Eastern United States, the Great Lakes Power group of companies represents leading global off-highway power transmission, drive train and other related industrial component manufacturers such as Twin Disc, Dana Spicer, Clark-Hurth, Funk Manufacturing, Cotta Transmission, Tech Development Inc., (TDI), Axletech, Carraro, Comer Industries, Wichita Clutch, Kongsberg Automotive, Interlube, Donaldson, Racor and other leading off-highway power transmission equipment and parts manufacturers. The Company’s success lies in its ability to bring together the strengths of each organization to competently and professionally solve customers’ power transmission and drive train application problems. Great Lakes Power adds value for its customers by providing the best power transmission and drive train products, parts and services available in the industry.
This press release may contain statements that are forward looking as defined by the Securities and Exchange Commission in its rules, regulations and releases. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. All forward-looking statements are based on current expectations regarding important risk factors including those identified in the Company’s most recent periodic report and other filings with the Securities and Exchange Commission. Accordingly, actual results may differ materially from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by the Company or any other person that the results expressed therein will be achieved.
Twin Disc, Inc.
Jeffrey S. Knutson, 262-638-4242