RACINE, Wis.--(BUSINESS WIRE)--
Twin Disc, Inc. (NASDAQ: TWIN), today announced that effective
September 25, 2015, Great Lakes Power acquired Twin Disc's distribution
rights to sell and service Twin Disc products previously supported by
Twin Disc Southeast. As part of the transaction, Great Lakes Power, a
longstanding Twin Disc distributor currently serving the mid-Atlantic
and northeastern United States, has purchased certain inventory and
operational assets from Twin Disc Southeast. Great Lakes Power will
continue to operate facilities previously used by Twin Disc Southeast
including locations in Jacksonville, Tampa, and Miami, Florida as well
as the newest location in Beaufort, North Carolina.
Great Lakes Power acquired Twin Disc Southeast's assets and distribution
rights for approximately $4 million. In February of this year, Great
Lakes completed a similar transaction by acquiring the assets and
distribution rights from Twin Disc Mid-Atlantic for approximately $1
million.
John H. Batten, President and Chief Executive Officer, said: "We are
pleased to expand our relationship with Great Lakes Power, which has
distributed and serviced Twin Disc products since it was founded over 40
years ago. These transactions are part of Twin Disc's ongoing strategy
to focus resources on core manufacturing and product development
activities aimed at spurring growth and greater profitability."
About Twin Disc, Inc.
Twin Disc, Inc. designs, manufactures and sells marine and heavy-duty
off-highway power transmission equipment. Products offered include:
marine transmissions, surface drives, propellers and boat management
systems, as well as power-shift transmissions, hydraulic torque
converters, power take-offs, industrial clutches and control systems.
The Company sells its products to customers primarily in the pleasure
craft, commercial and military marine markets, as well as in the energy
and natural resources, government and industrial markets. The Company's
worldwide sales to both domestic and foreign customers are transacted
through a direct sales force and a distributor network.
About Great Lakes Power Products
With fourteen locations throughout the Mid-West and spanning the entire
Eastern United States, the Great Lakes Power group of companies
represents leading global off-highway power transmission, drive train
and other related industrial component manufacturers such as Twin Disc,
Dana Spicer, Clark-Hurth, Funk Manufacturing, Cotta Transmission, Tech
Development Inc., (TDI), Axletech, Carraro, Comer Industries, Wichita
Clutch, Kongsberg Automotive, Interlube, Donaldson, Racor and other
leading off-highway power transmission equipment and parts
manufacturers. The Company's success lies in its ability to bring
together the strengths of each organization to competently and
professionally solve customers' power transmission and drive train
application problems. Great Lakes Power adds value for its customers by
providing the best power transmission and drive train products, parts
and services available in the industry.
Forward-Looking Statements
This press release may contain statements that are forward looking as
defined by the Securities and Exchange Commission in its rules,
regulations and releases. The Company intends that such forward-looking
statements be subject to the safe harbors created thereby. All
forward-looking statements are based on current expectations regarding
important risk factors including those identified in the Company's most
recent periodic report and other filings with the Securities and
Exchange Commission. Accordingly, actual results may differ materially
from those expressed in the forward-looking statements, and the making
of such statements should not be regarded as a representation by the
Company or any other person that the results expressed therein will be
achieved.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151016005711/en/
Twin Disc, Inc.
Jeffrey S. Knutson, 262-638-4242
Source: Twin Disc, Inc.
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