Brad Foote Gear Sold to Tower Tech
According to a report issued by the American Wind Energy Association, Tower Tech Holdings Inc. acquired Brad Foote Gear Works Inc., a producer of gearing systems for the wind energy, oil and gas and energy-related industries.
Under the terms of the agreement, Brad Foote CEO Cameron Drecoll, majority shareholder in the gear manufacturing company, will assume chief executive responsibilities of the combined company and Tower Tech president Raymond Brickner will maintain his current role as head of the Tower business.
Brad Foote manufactures gear systems at two locations in Cicero, IL and one in Pittsburgh, PA. Shareholders will receive an aggregate of 16 million shares of Tower Tech common stock and $64 million in cash.
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