QUINCY, Mass. — Altra Holdings, a multi-national designer, manufacturer, and marketer of industrial power transmission and motion control products, has signed a definitive agreement to divest its TB Wood's Adjustable Speed Drives business to Finland-based Vacon.
The divestiture includes the products manufactured at the company's facilities in Scotland, Pa; Chattanooga, Tenn; Naturns, Italy; Marienheide, Germany, and Bangalore, India.
The purchase price will be $29 million in cash.
"This divestiture will enable Altra to continue its strategic focus on its core electron-mechanical power transmission business while strengthening the company's balance sheet at the same time," said Michael Hurt, Chairman and CEO for Altra.
Altra will continue to own, operate and focus on growing the TB Wood's Mechanical business consisting of belted drives, engineered couplings and other power transmission components.
