Transcat, Inc. (Nasdaq: TRNS) (“Transcat” or the “Company”), a leading distributor of professional grade handheld test and measurement instruments and accredited provider of calibration, repair and weighing system services, announced today that it has completed the acquisition of substantially all of the assets of Wind Turbine Tools, Inc. and affiliated entities. The purchase was an all cash transaction although terms were not disclosed. The acquisition further expands and deepens Transcat’s presence in the wind energy industry.
Wind Turbine Tools of Lincoln, Montana and its founder, Jim Daugherty, are widely recognized within the wind energy industry as a premier provider of unique product tool kit solutions, technical assistance, torque calibration and hydraulic services. Mr. Daugherty will be remaining with Transcat as Director of Wind Energy Sales.
Charles P. Hadeed, President, CEO and COO of Transcat, commented, “This acquisition is an excellent complement to our growing wind energy business and we are pleased to have Jim join our team.”
Transcat had previously announced on November 23, 2010, that it had entered into a non-binding Letter of Intent to acquire Wind Turbine Tools.
Transcat, Inc. is a leading distributor of professional grade handheld test and measurement instruments and accredited provider of calibration and repair services primarily for the pharmaceutical and FDA-regulated, industrial manufacturing, energy and utilities, chemical manufacturing, and other industries. Through its distribution products segment, Transcat markets and distributes national and proprietary brand instruments to nearly 14,000 customers. The Company offers access to more than 25,000 test and measurement instruments. Transcat delivers precise, reliable, fast calibration, and repair services across the United States, Canada and Puerto Rico through its 14 strategically located Calibration Centers of Excellence. Transcat’s calibration laboratories are ISO-9001 registered and the scope of accreditation to ISO/IEC 17025 is believed to be one of the broadest in the industry.