Harbour Group buys PTI

Harbour Group has acquired Eden Prairie, Minnesota-based Phillips & Temro Industries Inc, a provider of thermal management systems and controls for the transportation and heavy equipment sectors. No financial terms were disclosed.

PRESS RELEASE

ST. LOUIS, March 16, 2015 /PRNewswire/ — Phillips & Temro Industries, Inc. has become part of the Harbour Group family of companies, Jeff Fox, Harbour Group’s chairman and chief executive officer, announced today. Terms of the transaction were not disclosed.

The business of Phillips & Temro Industries, Inc. (“PTI”) was founded in 1920 and has grown to become the market leader in thermal management systems and controls for the transportation and heavy equipment markets. The company’s primary products include immersion, circulation, and air intake heaters; engine cooling equipment; and cab heating, cooling and electrification products. PTI’s technology is widely recognized for excelling in applications such as heavy-duty trucks, construction, agriculture, automotive, oil & gas, electric and hybrid vehicles, industrial, marine and power generation. The company is based in Eden Prairie, Minn., and, together with its subsidiaries and affiliates, has a total of five manufacturing facilities globally.

“PTI’s highly-engineered products and powerful brands fit extremely well with our experience in the engineered products sector,” said Mr. Fox. “We are very impressed by the team at PTI and are eager to support them with our operational resources to help achieve their many growth opportunities. As we have done for nearly 40 years, we intend to invest heavily in new product development, customer service initiatives, and complementary acquisitions.”

Butch Sumpter, the President and CEO of PTI, added, “We are extremely excited to join the Harbour Group family. Their extensive experience and highly knowledgeable team of operational experts will be a strong complement to our experienced and committed team. We believe this partnership will accelerate the exciting growth initiatives we have put in place and benefit both our employees and our customers.”

About Harbour Group
Harbour Group is a privately owned, operations focused company based in St. Louis, Mo. Harbour Group’s companies are engaged in manufacturing and distribution in multiple industries, including flow and energy measurement, boiler systems, professional diagnostic and repair tools, specialty LED systems, niche distribution, logistics services, decorative kitchen and bath hardware, abrasives, diamond-cutting products and related tools, entertainment and music products, and auxiliary plastic processing equipment. Since its founding in 1976, Harbour Group has acquired 180 companies in 38 different industries.