Roger Brown, CEO of Precision, said the acquisition of the San Antonio-based company offers a “tremendous base to grow” the food processing equipment segment of the business.
Precision has now created a new division within the business to focus on the food industry.
“The acquisition of Meyer adds additional products and markets to our food industry sales and will complement our product offerings,” Brown said in a statement.
‘Excited about the opportunity’
The deal is part of Precision’s strategy to position itself as a provider of “high performance and innovative conveyor products.”
For Meyer Industries, its integration into Precision will see it secure larger platform of research, engineering and manufacturing resources.
“I am really excited about the opportunity to lead this new division within a company that I have been proud to be a part of for the past 16 years,” said Greg Stravers, senior vice president of Precision’s newly-created food division.
“With this acquisition, Precision is poised to grow significantly and be a major manufacturing presence in the food processing industry.”
Former CEO of Meyer Industries, Eugene Teeter, was equally jubilant about the deal, describing it as a “win-win” arrangement.
“Teaming up with Precision will only provide greater resources for our customers and our employees. The company culture and the hands-on engineering and manufacturing attitude made it the perfect fit for the growth of Meyer Industries,” he said in a statement.
Teeter will stay with the company to help it integrate with Precision, but is expected to leave. Larry Marek, chief financial officer, and Jim Lassiter, vice president of sales, will be staying.
All 75 factory and office workers at the Meyer Industries plant in San Antonio, Texas, will be retained.