Altra Completes Acquisition Of Nook Industries, A Leader In The US Engineered Linear Motion Industry

Deal Advances Strategy to Focus on Highly Engineered Products in the Motion Control and Power Transmission Markets and Expands Presence in Attractive Medical, Factory Automation and Defense Markets Expects Acquisition to be Cash Accretive in 2022, Excluding Transaction Costs

Altra Industrial Motion Corp. a leading global manufacturer and supplier of motion control, power transmission and automation products, announced that it has acquired Cleveland, Ohio-based Nook Industries LLC (“Nook”), a leader in the US engineered linear motion industry.

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Nook is expected to generate approximately $42 million in revenue in 2021, and the transaction is anticipated to be cash accretive to Altra’s earnings in 2022, excluding any one-time or acquisition-related costs. 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. The Company expects annual cost and sales synergies of approximately $6 million by year four of combined operations. In addition, Altra expects to receive a tax benefit, with a net present value of approximately $12 million to $15 million, as a result of the acquisition of Nook.

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“The acquisition of Nook advances our strategy to focus Altra’s portfolio on highly engineered products in the motion control and power transmission markets and increase our exposure to attractive secular trends,” said Carl Christenson, Altra’s Chairman and Chief Executive Officer.

“With Nook, Altra is positioned to benefit from cross-selling opportunities that leverage our expanded and complementary linear motion control product offerings, while also gaining strong customer relationships in strategic end markets such as medical, factory automation and defense,” added Christenson. “We also have the opportunity to utilize Altra’s scale to leverage fixed costs, while also capitalizing on Nook’s production capacity to better satisfy increasing customer demand. We would like to welcome Nook’s employees to the Altra team and look forward to their contributions.”

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