Mellansel, Sweden-based Hagglunds Drives Inc., a leader in the supply of hydraulic motors and drive systems, has signed an agreement to acquire the assets of Rineer Hydraulics Inc. Hagglunds Drives will acquire the operations of Rineer Hydraulics through an asset purchase. Rineer Hydraulics manufactures and sells hydraulic motors for myriad applications including oil and gas drilling, off-road equipment, agricultural applications, pump drives, and various mobile equipment applications.
This acquisition will complement Hagglunds Drives' product offering and strengthen its position in the North American market. Rineer's headquarters will remain San Antonio, Texas, where it has about 80 employees. “The acquisition of Rineer Hydraulics will complement and strengthen our product offering and our position in the North American market,” said Per Nordgren, Hagglunds Drives' CEO. “It will give the Hagglunds Drives group the first fully integrated manufacturing facility in the U.S., and a further expanding of our global footprint. In the future, we will be able to offer Rineer's products on a global market through our strong global sales organization.”
Ted Bojanowski, president of Hagglunds Drives said the company is pleased to add Rineer to its portfolio. “There is very little overlap in product line or customer base, this acquisition is truly expansive for Hagglunds Drives Inc.,” he said. “We intend to maintain the Rineer brand, and will continue to run this company as a stand-alone entity. Rineer goes to market through different channels in North America, and we intend to continue to support their highly effective partner distributors.”
Hagglunds Drives has approximately 800 employees with production locations in Mellansel, Sweden, and Columbus, Ohio.