John Crane, a division of global technology business Smiths Group, today announces completion of its purchase of the business and assets of Turbo Components and Engineering Inc. (TCE) which services, repairs and builds replacement bearings and seals used in critical rotating equipment. This follows regulatory approval for the acquisition, first announced on 17 August 2011.
The main customers of the Houston-based company include refineries, chemical plants and power producers. TCE has a gross asset value of approximately $3.2 million and sales of around $10 million are forecast for the current calendar year. The purchase price was not disclosed.
The acquisition underlines the continued expansion of John Crane's range of solutions for high-performance rotating equipment, which includes other product areas such as mechanical seals and support systems, specialised filtration equipment and power transmission couplings.