WHITE PLAINS, NY — Handy & Harman Ltd. (NASDAQ:HNH) (HNH) a diversified global industrial company and subsidiary of Steel Partners Holdings L.P. (NYSE:SPLP), announced the acquisition of substantially all of the assets of the ElectroMagnetic Enterprise (EME) business from Hamilton Sundstrand Corporation for approximately $64.5 million in cash.
Based in Kenosha, WI, EME designs, manufactures and assembles complex, custom engineered electric motors and generators, including a wide range of customized electromagnetic products with high efficiencies and high power densities that provide unique, turnkey solutions for a blue-chip industrial customer base.
EME had revenues of $54.7 million in 2015, and will continue to operate from its existing facility in Kenosha. It will be integrated into HNH’s Montevideo Technology, Inc. (MTI) division, and will conduct business under MTI’s Torque Systems brand of industrial motion control products. The transaction was financed through HNH’s existing senior credit facility.
“The acquisition of EME expands MTI’s product portfolio into higher power products, diversifies our customer base, strengthens our brand, and allows us to bring increased value to customers,” said Bill Fejes, Co-President and CEO of Handy & Harman Group Ltd. “Moreover, the modern EME facility in Kenosha provides an impressive automated manufacturing capability and will allow us to continue to support our long-term growth opportunities.”
MTI is an industry leader in electric motor technology, designing and manufacturing high reliability and high power density custom and build-to-print components. MTI capitalizes on its motor design andmanufacturing expertise to win programs by meeting customers’ rigorous performance specifications in the aerospace, industrial, medical and military markets globally. For more information about MTI, visitwww.slmti.com.
About Handy & Harman Ltd.
Handy & Harman Ltd. ( www.handyharman.com ) is a diversified manufacturer of engineered niche industrial products, with leading market positions in many of the markets it serves. Through its wholly-owned operating subsidiaries, HNH focuses on high margin products and innovative technology and serves customers across a wide range of end markets. HNH's diverse product offerings are marketed throughout the United States and internationally.
HNH's companies are organized into six businesses: Joining Materials, Tubing, Building Materials, Performance Materials, Electrical Products, and Kasco.
The Company sells its products and services through direct sales forces, distributors, and manufacturers’ representatives. HNH serves a diverse customer base, including the construction, electrical, electronics, transportation, power control, utility, medical, oil and gas exploration, aerospace and defense, and food industries.