Rochester cab maker sold to NYC firm
Here's some from the piece I have in today's paper about the sale of Crenlo.
See the print edition for the full story.
A long-rumored sale of one of Rochester's largest manufacturers — Crenlo — was announced this morning.
Crenlo employs about 650 people at two Rochester facilities that make industrial cabs and enclosures.
Dover Corp., the $5 billion Illinois-based conglomerate that owns Crenlo, announced that it's selling the cab and enclosure maker to International Equipment Solutions, an affiliate of KPS Capital Partners of New York City.
No financial details of the transaction were released. The deal is expected to close by the end of September.
Another Dover subsidiary, Paladin Brands of Cedar Rapids, Iowa, is also being sold along with Crenlo.
"Crenlo and Paladin are outstanding companies with fine brands and people, however, these businesses are no longer aligned with our long term growth strategy. With this transaction we are better positioned to focus on and serve the key market sectors within Industrial Products," said Thomas Giacomini, the president and CEO of Dover Industrial Products.
No comment was available this morning from officials of Crenlo or of the United Auto Workers Union, which represents many Crenlo workers.