Benzinga | Jan 3, 2022 11:04AM EST

Altra Acquires Nook Industries For Undisclosed Sum

Altra Industrial Motion Corp (NASDAQ:AIMC) has acquired Nook Industries LLC for undisclosed financial terms.

* Founded in 1969 by Joseph H. Nook, the Cleveland, Ohio-based Nook provides a broad-based offering of linear motion solutions.

* Nook is expected to generate ~$42 million in revenue for FY21. Altra expects the transaction to be cash accretive to its earnings in 2022, excluding any one-time or acquisition-related costs.

* Nook will be integrated into Altra's Thomson operating company in its Automation & Specialty segment.

* This transaction advances Altra's strategy to focus on highly engineered products in the motion control and power transmission markets and expands its presence in medical, factory automation, and defense markets.

* Altra anticipates annual cost and sales synergies of ~$6 million by year four of combined operations. Additionally, it expects to receive a tax benefit of ~$12 million to $15 million due to the acquisition of Nook.

* Altra held cash and equivalents of $256.8 million as of September 30, 2021.

* Price Action: AIMC shares are trading higher by 0.83% at $52.00 on the last check Monday.