, a diversified manufacturer of engineered industrial products, said Tuesday that it agreed to purchase certain assets of Automatic Products International, a privately held manufacturer of vending equipment, for $31 million in cash.
APi's extensive distribution network, product line designs and trade names, manufacturing equipment and aftermarket parts business are included in the acquisition. APi's manufacturing facility located in St. Paul, Minn., is not included, the Stamford, Conn.-based company said.
The company expects the acquisition to be modestly dilutive to its earnings in 2006 reflecting transition and integration costs.
APi is expected to have sales of about $40 million in 2006.
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