MESTEK, Inc. completed the acquisition of remaining 50% stake in DADANCO-MESTEK Joint Venture, LLC from DADANCO Pty Ltd.
September 24, 2012 at 12:00 am EDT
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MESTEK, Inc. (OTCPK:MCCK) entered into an agreement in principle to acquire the remaining 50% stake in DADANCO-MESTEK Joint Venture, LLC from DADANCO Pty Ltd. on May 9, 2012. The transaction is expected to close in June 2012. As of June 4, 2012, MESTEK, Inc. (OTCPK:MCCK) entered into an agreement to acquire the remaining 50% stake in DADANCO-MESTEK Joint Venture, LLC from DADANCO Pty Ltd.
MESTEK, Inc. (OTCPK:MCCK) completed the acquisition of remaining 50% stake in DADANCO-MESTEK Joint Venture, LLC from DADANCO Pty Ltd. on September 24, 2012. The acquisition includes intellectual property including DADANCO nozzle technology, along with the remaining interest. DADANCO-MESTEK will become a wholly owned subsidiary of MESTEK, Inc.
Mestek, Inc. is a manufacturer of heating, ventilating and air conditioning equipment (HVAC), metal forming and architectural building envelopes. The Companyâs HVAC business consists of the manufacturing of heating, ventilation and cooling products, including residential and commercial hydronic heating equipment with intelligent controls and air conditioning. The metal forming segment under Mestek Machinery focuses on coil handling and metal forming machinery. Its architectural business consists of manufacturing glass skylights, sunshades, louvers and ornamental metal products. The Company manufactures its HVAC equipment and metal forming equipment at 12 factory locations and sells through established distributor, dealer, and manufacturerâs representative channels, primarily in the United States and Canada. Its subsidiaries include Advanced Thermal Hydronics, Inc., Airtherm, LLC, Boyertown Foundry Company and others.