Completion of the Aquisition of Aventics TC
Renold, a leading international supplier of industrial chains and related power transmission products, announces that it has now completed the acquisition of the business and trading assets of Aventics Tooth Chain ("Aventics TC"), an operating division of Aventics Gmbh, based in Germany.
Further details of the Acquisition and Aventics TC can be found in the announcement of the conditional purchase agreement on 17 November 2015. Over the coming weeks marketing materials and the website for Tooth Chain Products will be re-branded to Renold.
Robert Purcell, Chief Executive of Renold, said:
"The completion of the purchase of Aventics TC and its specialist, high quality product range is an excellent first move in Phase 3 of our STEP 2020 Strategic Plan (the 'Acquisitions' Phase). We now start the work to integrate the business and to leverage its sales over time through Renold's international footprint.
We are pleased to welcome all of the transferring employees of Aventics TC to the Renold Group of companies. We look forward to working together to build the business as an important part of our Chain division."