Press release submitted on behalf of Reel Power Industrial.
The acquisition allows Reel Power to provide a turn-key downstream package to customers and allows Novatec to divest certain products to focus on their conveying, drying and moisture equipment offering.
Novatec, Inc., the largest U.S.-based manufacturer of industry-leading drying and conveying equipment for extrusion, injection, blow molding and food industries, has agreed with Reel Power Industrial Inc., the leader in the design and build of high precision automated coiling, spooling, and winding equipment, to have Reel Power acquire the downstream equipment products for extrusion lines from Novatec.
This downstream product divestment allows Novatec to focus on their core conveying, drying and moisture equipment solutions, providing a strong product offerings base to focus on and expand its lead in their overall business.
The acquisition by Reel Power of these downstream products is also a strong fit for Reel Power, who already offers high-quality downstream reeling, coiling, and spooling solutions for several markets. This acquisition allows Reel Power Industrial, inc., to provide a turn-key downstream package to customers, one that increases the automation offering for improved productivity.
Reel Power focuses on providing application-specific coiling, reeling, and spooling solutions to prospects needing downstream equipment to solve their line requirements. With the addition of pullers, cutters, and cooling tanks, Reel Power Industrial Inc., will be able to provide to customers a complete downstream solution.
Both Reel Power Industrial Inc., and Novatec, Inc., design, manufacture, and market high-quality capital equipment solutions.
Conrad Bessemer, CEO Novatec & Joe Henry CEO Reel Power Industrial Inc., believe that their respective companies will benefit from this transaction, as it provides each with the ability to improve their overall company’s strategic market focus, and to concentrate those efforts on a well-defined, market segmented business models.
About Reel Power Industrial
Reel Power designs and builds standard & custom reeling and coiling equipment, delivering innovative, lowest total life-cost, flexible material handling solutions. The company is committed to reducing client’s overall business risk and improving their profitability by providing “World Class” Equipment, Engineering & Processing solutions for flexible materials to distribution manufacturing environments. The company offers processing solutions and complete field service & consulting.
Reel Power Industrial is a division of Reel Power International, a developer and builder of proprietary equipment for the Marine & Energy Industry and Industrial Business, owning and operating more than 200,000 square feet of custom manufacturing facilities. For more information, visit www.reelpowerind.com.
About Novatec
NOVATEC, Inc. is the largest U.S. based manufacturer of resin dryers for the plastics industry. Our association with MAGUIRE Products broadens our business group to offer the largest line of manufactured plastics auxiliary equipment in North America. We combine Plastics Drying, Plastics Conveying and Plastics Blending to design and install complete Central Plastics Drying and Conveying Systems.
Design emphasis on product innovation provides new and updated products that save energy, space and reduce maintenance while always providing superior performance at competitive prices. More and more processors are moving to NOVATEC and our increase in market share is evidence of that. For more information, visit www.novatec.com.
