AIMC - Nook Industries Inc. Sells Family Business to Altra Industrial Motion Corp. (Nasdaq: AIMC) a Leading Global Manufacturer and Supplier of Motion Control Power Transmission and Automation Products
CLEVELAND, Jan. 03, 2022 (GLOBE NEWSWIRE) -- Nook Industries, Inc. (“Nook” or the “Company”), a leader in US engineered linear motion products and solutions announced today that it has sold the family-owned business to Braintree, Massachusetts based Altra Industrial Motion Corp. (Nasdaq: AIMC), a leading global manufacturer and supplier of motion control, power transmission and automation products. The Nook business, which will be integrated into Altra’s Thomson operating company in its Automation & Specialty (“A&S”) segment, expands the breadth of Altra’s linear products offering. Altra was deemed an excellent strategic fit as the Nook family evaluated potential suitors to acquire the 52-year-old business founded by Joseph H. Nook Jr. in 1969.
“The Nook family is pleased to have found a strong strategic buyer with a history of not only preserving, but also building upon the products, brand equity and core competencies of their acquisitions. We are excited about the tremendous opportunities created by joining Altra’s industry leading suite of motion control products and brands. It was important for us to find a buyer that would build upon my father’s legacy,” said Joseph H. Nook III, Nook’s Chief Executive Officer and President. “We also want to thank the Nook employees, past and present, that helped build my father’s dream into the Company it is today. Our family will be forever grateful to the dedicated and hard-working employees of Nook Industries.”
KeyBanc Capital Markets, Inc. acted as financial advisor to Nook and Calfee, Halter & Griswold LLP served as legal advisor.
About Nook Industries
Founded in 1969 by Joseph H. Nook, Jr., Nook provides a broad-based offering of premium linear motion solutions. Nook provides clients with proven knowledge and flexibility to design, engineer, and manufacture premium quality linear motion systems and solutions for their most challenging applications. Its customers benefit from a wide range of premium products and services that fit well into unlimited industries.
About Altra Industrial Motion Corp.
Altra is a premier industrial global manufacturer and supplier of highly engineered motion control, automation, power transmission, and engine braking systems and components. Altra’s portfolio consists of 27 well-respected brands including Bauer Gear
Motor, Boston Gear, Jacobs Vehicle Systems, Kollmorgen, Portescap, Stromag, Svendborg Brakes, TB Wood’s, Thomson and Warner Electric. Headquartered in Braintree, Massachusetts, Altra has over 9,000 employees and 48 production facilities in 16 countries around the world.
CONTACT:
Nook Industries (216) 271-7900