Kaydon Corp., Ann Arbor, MI, has acquired Ohio-based Avon Bearings Corp. for $55 million in cash. Avon is expected to add $30 million to Kaydon’s fiscal 2008 sales.
This strategic acquisition represents an important step for Kaydon in accelerating growth in our market-leading bearings business,” said James O’Leary, Kaydon president and CEO. “It will add immediate capacity to our growing wind energy platform while both strengthening existing customer relationships and adding others. In addition, Avon will broaden our presence in important offshore crane, construction and steel markets for very large diameter bearings, while also providing access to the refurbishment market where Avon has built a leadership position over many years.
Avon is a manufacturer of high-precision large diameter turntable bearings. Avon also remanufactures bearings and sells replacement bearings.
One of the major markets that Kaydon supplies is the rapidly growing wind energy market where Kaydon is taking a prominent position in the supply of pitch and yaw bearings. Other typical industries served by both Kaydon and Avon are construction equipment, logging machines, aerial baskets, medical equipment, military vehicles, radar antennas, and a variety of industrial equipment.