MINNEAPOLIS (AP) -- Tennant Co., which makes floor-cleaning equipment, said Friday it agreed to purchase Shanghai Shen Tan Mechanical and Electrical Equipment Co. Ltd., which has distributed its products for 12 years.
Terms of the agreement were not disclosed.
The Shanghai, China-based company, which posted revenue of $1.6 million in 2007, holds a strong market share for direct sales and services in the city with major industrial customers, Tennant said.
The acquisition is part of Tennant's effort to grow its businesses in Shanghai.
Sales rose 72 cents, or 2.3 percent, to $31.47 in morning trading.
