Altra Holdings closes TB Wood's purchase |
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Fri, 06 Apr 2007 12:51
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QUINCY, Mass. (AP) - Altra Holdings Inc., which makes braking systems for elevators and wheelchairs, said Friday it completed the acquisition of power transmission devices maker TB Wood's Corp. for $24.80 per share in cash, or about $92 million.The company's Altra Industrial Motion Inc. unit also completed a follow-on offering of $105 million of its existing 9 percent senior secured notes due 2011 and amended its credit facility. Proceeds from the notes offering and borrowings under the credit line, as well as cash on hand, were used to fund the acquisition.Altra Industrial designs, produces and markets electromechanical power transmission products. Its brands include Boston Gear, Warner Electric, Wichita Clutch, Twiflex Ltd. and Matrix International, among others.In February, when the deal was first announced, Altra said it expects Chambersburg, Pa.-based TB Wood's to boost 2007 profit and add 15 to 20 cents per share in 2008 and 2009.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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