PennEngineering acquires PROFIL VerbindungstechnikPennEngineering has announced that it has acquired PROFIL Verbindungstechnik. PROFIL will continue to operate as a separate company under the PennEngineering corporate umbrella and the PROFIL brand of mechanical hardware will remain unaffected. In addition, Dr. Frank Grunow, CEO of PROFIL and Petra Michels, Chief Financial Officer, will continue to lead the company along with the existing PROFIL management team. Dr. Grunow and Ms. Michels will report to Mark Petty, CEO of PennEngineering. Terms of the acquisition were undisclosed and no changes are anticipated regarding operations, facilities, and employees. The acquisition ultimately is expected to expand sales growth opportunities for both companies, as well as increase the global awareness of PROFIL's highly regarded brand.
PennEngineering and PROFIL share a common culture of engineered fastening solutions with diverse yet complementary product lines. 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 combination of the companies will bring customers the immediate advantage of focused, world-class plants in Germany, Ireland, USA, and China; faster response time for small lots and certified test labs; and R&D presence. The acquisition of PROFIL significantly enhances the combined company's fastener installation system engineering, technology and service, offering globally some of the most advanced and reliable installation equipment available.
Founded in 1965, PROFIL develops nuts and studs that are fastened to metal-shaped parts by means of a riveting, piercing, or pressing process. PROFIL is a system supplier with in-house design for automated feeding and installation equipment, which is customized to meet individual production requirements of customers. The company is a pioneer in mechanically joined fastener technology and has steadily continued its development over many decades. 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.
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