Lutco buys assets of Worcester metalworking firm
With the purchase of Worcester’s 130-year-old Thomas Smith Co., Specialty bearing producer Lutco Inc. will enhance its ability to compete in a tough global marketplace, said Lutco President John Stowe in announcing the deal on January 3.
The Thomas Smith operation, which produces metal stampings ranging from 1/64 to 1/2 inch thick, expands Lutco’s capabilities to fashion assemblies that combine bearings with stamped housings and other components, said Stowe."This new alliance gives Lutco the benefits of Thomas Smith’s heavy-tonnage presses, which lets us work with heavier materials and produce larger parts," said Stowe. "We also see new opportunities opening up as a result of leveraging Thomas Smith’s production machining and welding with Lutco’s metal stamping and ball bearing expertise. As a result, we believe we will have a stronger position in the marketplace—not just in the U.S. and Canada but globally."
David Granquist, president of Thomas Smith, added that the deal "strengthens our manufacturing offerings and will allow us to do a better job servicing our customers. It will also give us greater market exposure." As a result of the deal, Granquist will direct Lutco’s sales operations in the Northeast.
Featuring a product line that typically requires more labor and production processes than are needed for commodity bearings, Lutco serves the transportation, agriculture, lawn and garden, and materials handing fields. Among its major customers: John Deere, Ariens, Polaris, and Mack Trucks. Thomas Smith, with its stamping, machining, and wire EDM processes, serves such markets as automotive, off-road equipment, medical, printing, computers, and instrumentation.
Lutco, which already employs about 100 at its two Worcester factories, will now operate Thomas Smith’s Grove St. plant with its 23 employees. Stowe would not disclose the financial terms of the purchase involving the two privately-held firms. The deal has been in the works for about a year.
"We’re a niche player and serve nine large bearing companies," said Stowe. "As a smaller company, we have the advantage of being able to move faster. We also offer specialty products that incorporate both metals stampings and anti-friction devices."
Read more
WBJ Web Partners
Most Recent
Most Recent
0 Comments