Bellingham Plant To Add Jobs Through Acquistion
The acquisition of Bellingham-based Torwel Industries, a maker of road sanders, salters and snowplows, is expected to created new jobs at the plant and improve distribution to customers in the Midwest and Canada, according to the firm that brokered the acquisition.
Torwel, a subsidiary of Hilliard Precision Products, LLC, was purchased by the Ace Group, an asphalt paving equipment manufacturer based in British Columbia, Canada, according to George & Co., the Worcester merger and acquistion firm that represented Hilliard.
The terms of the sale were not disclosed, but UniBank for Savings of Whitinsville provided partial funding through a U.S. Small Business Association loan guarantee, according to George & Co.
Ace found “strategic strenghts” in merging with Torwel because of the seasonality of the product lines and Torwel's expertise in the manufacture of heavy equipment, according to Ace President Alan McKenzie.
George & Co. did not say how many jobs will be created at the Bellingham plant through the acquistion.
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