Cummins-Wagner Completes Acquisition of EESCO Pump & Valve
Cummins-Wagner Co., Inc., a leading distributor of industrial process equipment and HVAC equipment in the mid-Atlantic region, is pleased to announce that it has reached an agreement to acquire the operating assets of EESCO Pump & Valve, Inc. (“EESCO”).
EESCO, headquartered in Baltimore, MD is recognized as a leading service and machine shop in the Baltimore/Washington DC market. EESCO performs service and repair work to a variety of equipment with efforts concentrated in the following areas:
- Rotating Machinery (pumps, air handling fans, cooling towers, gear reducers, etc.)
- Electric Motors
- General Machine Shop
- In-Plant Maintenance
The combination of Cummins-Wagner and EESCO creates a Company with greater scale and resources to meet the repair and service needs of our customers.
This transaction is a key part of Cummins-Wagner’s business strategy of steady, manageable growth through market penetration and acquisition. “Bringing EESCO’s repair and service capabilities in with our sales and engineering make us a more complete distributor. These full service capabilities bring a real benefit not only to our combined operations, but to our total customer base.” states Doug Ardinger, President of Cummins-Wagner.
“Cummins-Wagner’s strength in the fluid process equipment market, and its depth of resources, make it absolutely the right company to leverage our market expertise and resources for the benefit of our customers,” said Walter Shade, President and owner of EESCO.
The acquisition is expected to close by October 2017. EESCO employees will become part of Cummins-Wagner’s 100% Employee Stock Ownership Plan (ESOP). “The ESOP is a tremendous benefit and we are excited to have EESCO personnel become fellow employee owners and participate in the future success of the company,” said David Palmer, VP / CFO of Cummins-Wagner.
Cummins-Wagner is a distributor of industrial process equipment, including fluid and compressed air, along with plumbing and HVAC equipment. Support services include system design, assembly, aftermarket service and repair. Founded in 1960, the Company has grown to 220 employees and 10 locations. The Company is 100% employee owned through the Cummins-Wagner Employee Stock Ownership Trust. Cummins-Wagner is headquartered in Annapolis Junction, MD with branch offices in Maryland, New York, Pennsylvania, Virginia and Florida.