SPX Acquires Torque Tension Systems Ltd
Leading supplier of hydraulic torque wrench and tensioner tools expands SPX product offerings for global energy infrastructure markets
SPX Corporation's SPX Hydraulic Technologies business unit, part of the company's Industrial Products and Services segment, acquired U.K.-based Torque Tension Systems Ltd. (TTS), a leading global supplier of hydraulic torque wrench and tensioner tool products. The terms of the transaction were not disclosed.
The addition of TTS's line of high-performance industrial bolting tools will expand SPX Hydraulic Technologies' product portfolio offering to the global energy infrastructure markets, particularly the oil and gas and wind sectors.
"SPX is continually seeking opportunities to enhance its product offerings to better serve its customers and provide them with best-in-class industrial solutions," said Lee Powell, SPX segment president. "Torque Tension Systems' line of high quality, high performance tools utilized across multiple industries represents a powerful addition to our growing portfolio of industrial tools."
Based in Northumberland, U.K., privately-held Torque Tension Systems Ltd. had annual revenues of approximately £5.1 million or $7.65 million in 2009. The company's hydraulic bolting product lines include Dura-Lite hydraulic torque wrenches, LDF Torque wrenches, subsea bolt tensioners, hydraulic nut splitters, flange pullers and flange spreaders. All of TTS's products are engineered using computer-aided technology to deliver first-rate performance and durability in even the most demanding operating environments. In addition to serving the power and energy market, TTS's tools are utilized in the petrochemical, automotive, chemical, railways and shipbuilding industries. The company has additional offices in Australia and Malaysia.
"TTS has built a strong reputation as an innovator by developing products and software packages for the energy infrastructure market," said Thom Farrell, president of SPX Hydraulic Technologies. "By combining our premium Predator Series hydraulic pump product line with TTS's leading bolting tool offering, customers utilizing hydraulic bolting systems will be able to get the best of both aspects of a bolting system. The combination results in an extremely fast and durable system."
SPX's Hydraulic Technologies is a global manufacturer of high-force hydraulic pumps, cylinders, jacks, pullers and tools, serving customers around the world. With brands that include Globe, Hytec, PowerTeam, Stone and SPX Rail Systems Clamplock, the business unit delivers innovative products to a wide range of industrial markets.
"TTS has prided itself on developing market-leading products and software systems that offer our customers inventive, highly advanced bolting solutions. This philosophy has enabled us to become a recognized world leader in just a little over a decade," said Gerald Vineberg, managing director of TTS. "We believe the global strength and reach of SPX, and the synergies between our product offerings, will enable us to continue growing our business and expanding our industrial customer base around the world."