PENNENGINEERING PURCHASES PROFIL BUT BUSINESS AS USUAL
1 min read
PennEngineering has acquired the Friedrichsdorf, Germany based company Profil Verbindungstechnik, it was announced this week by both companies. Profil will continue to operate as a separate company under the PennEngineering corporate umbrella and the Profil brand of mechanical hardware will remain unaffected.
Regarding the management structure, Dr Frank Grunow, CEO of Profil and Petra Michels, chief financial officer, will continue to lead the company along with the existing management team. Grunow and Michels will report to Mark Petty, CEO of PennEngineering. The terms of the acquisition were not disclosed and no changes are anticipated regarding operations, facilities, and employees.
PennEngineering and Profil share a common culture of engineered fastening solutions with diverse yet complementary product lines, a statement suggested. Together, the two companies will benefit from Profil's strengths in the European automotive market and PennEngineering's strong presence in North America and China. The acquisition of Profil significantly enhances the combined company's fastener installation system engineering, technology and service, it is claimed.
Profil develops pierce nuts and studs which are fastened to metal shaped parts by means of a riveting process. We are a system supplier who also constructs automated feeding equipment which is customised to meet the individual production requirements of our customers. The company claims to be a pioneer in mechanically joined fastener technology and has steadily continued its development throughout the last decades.
Founded in 1965, Profil is a system supplier with in-house design for automated feeding and installation equipment, which is customised to meet individual production requirements of customers. The economic advantages of using the Profil system in industrial manufacturing is documented by the implementation of a multitude of technically challenging and safety critical applications, mainly in the automotive, appliance and construction fittings industries. All major European automobile manufacturers and their suppliers are among Profil's customers.
Founded in 1942, PennEngineering operates fastener manufacturing facilities and key sales offices in North America, Europe, and Asia and is supported by a worldwide network of authorised engineering representatives and distributors.
