The ERIKS group has agreed to acquire Turpen & Associates Inc in Tulsa, OK, a distributor of seals, bearings and industrial plastics.
With approximately 45 employees, Turpen has annual sales of $11 million and supplies its products directly to industrial manufacturers (OEM customers) in the oil and gas industry in Oklahoma and the surrounding states.
Sales by product group are: Seals - flange gaskets 10%, rubber technology 10%, O-rings 30%, dynamic sealing elements 25%; Bearings 10%; Industrial plastics 15%.
The acquisition fits in with ERIKS' policy of strengthening its position in the USA as a specialized knowledge-driven distributor in sealing technology and industrial plastics.
After this acquisition, ERIKS USA will increase sales to more than $35 million and the number of employees to 120.
Acquisitions in Central Europe The ERIKS group has expanded it operations to Central Europe, with a purchase of Passerotti SP. Z o.o., in Poland, and Mowta, also in Poland.
Passerotti is a distributor of products and services in sealing technology and mechanical power transmissions with 40 employees and four branches. Passerotti has annual sale of about 5 million euros focused on machine and equipment construction (OEM) as well as industrial end users (MRO). Mowta is specialized in the marketing and trade of valves and instrumentation. With six employees the company has annual sales of about 1.5 million euros, especially industrial end users (MRO customers) and projects in the chemical, petrochemical, food and energy industry.
Both acquisitions fit in with the ERIKS strategy of building a leading market position in Western and Central Europe in order to become a truly 'European Player," ERIKS said in a press release.