IES continues expansion with Brazilian acquisition
By Lindsay Gale11 June 2012
International Equipment Solutions, who acquired the Paladin Brand companies from Dover Corp in 2011, has continued its expansion with the addition of Brazilian cab manufacturer Siac do Brasil from SIAC SpA. The financial terms of the deal were not disclosed. Siac do Brasil is a leading supplier of cab enclosures in that country, as well as manufacturing locomotive cabs.
IES CEO Steve Andrews said of the deal: "The acquisition of Siac do Brasil is a critical strategic step in the growth and globalization of IES. We are very impressed with the Company's rapid growth trajectory, customer base, quality and technical capabilities. The acquisition not only expands many of our current North American OEM supply partnerships into the Brazilian market, but further broadens our customer base as well. Additionally, the acquisition introduces IES as an important supplier in the rapidly growing Brazilian locomotive market."
He went on: "As demonstrated with this acquisition, IES will continue our commitment toward supporting our customer's global expansion initiatives with localized supply, technical resources and parts and service support. IES intends to invest significant additional capital and resources into Siac do Brasil to ensure the highest level of production quality for our customers and to increase capacity not only for cabs, but to support the growth of IES' attachment tools product lines in South America as well. IES has made tremendous progress in our first nine months and I believe our future is very bright."