Hanover Gear Bought by Abundant
October 21, 2008—
The acquisition of Hanover Gear Manufacturing of Hanover, PA by RP Machine/Abundant Manufacturing Inc. includes machinery, equipment, inventory trade name and existing business; however, the Hanover property was excluded from the transaction. The acquisition should bolster the Abundant revenue by 30 percent and add 12 percent to the RP Machine/Abundant family, according to Greg Watson, CFO. Watson also estimates 12-14 jobs that will be created in response.
The purchase allows the company to continue growth patterns that started in 2005, according to Richard Piselli, CEO of RP Machine/Abundant Manufacturing Enterprises. In 2005 the company expanded its inventory in off-highway gears and began manufacturing and retrofitting larger gear machinery while entering the wind energy market, Piselli says.
Hanover Gear Manufacturing specializes in contract gear manufacturing, especially spur and helical gears, splined parts and other power transmission components.
"The acquisition of Hanover gear creates and incredible synergy between the product lines offered by Hanover and Abundant," says Kevin Smith, president of Abundant Manufacturing. "Hanover's equipment complements our base of equipment very well. Bill Fuss [president of Hanover Gear] has developed an industry presence over the last 34 years that we hope to capitalize on. Mr. Fuss will join the Abundant/Hanover team as a sales executing in not only maintaining but also growing the business."