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Press release content from Business Wire. The AP news staff was not involved in its creation.
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Press release content from Business Wire. The AP news staff was not involved in its creation.

Fairbanks Morse Defense Expands Turnkey Solutions with Federal Equipment Company Acquisition

January 5, 2022 GMT

BELOIT, Wis.--(BUSINESS WIRE)--Jan 5, 2022--

Fairbanks Morse Defense (FMD), a portfolio company of Arcline Investment Management (“Arcline”), today announced its acquisition of Federal Equipment Company (FEC). The acquisition significantly expands FMD’s product capabilities and service solutions for shipyard, defense, and industrial customers – with emphasis on its support for and offerings to the U.S. Nuclear Navy.

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The transaction includes FEC Military, a global leader in designing and manufacturing mission-critical components and systems for the U.S. Navy and U.S. Coast Guard, including its advanced cargo elevators, engineered doors and specialized material handling equipment. The transaction also includes FEC’s commercial business, which delivers handling solutions to manufacturing customers outside the defense market.

“Fairbanks Morse Defense is committed to the values that define us as a leading defense contractor. The capabilities, experience, and quality reputation that we’re acquiring with FEC reinforce this commitment and solidify our position as a proven, single-source provider to our naval customers,” said FMD CEO George Whittier. “Both FEC and Fairbanks Morse Defense have highly experienced teams who understand the critical role that our customers play in protecting the nation, and they are all dedicated to delivering the highest quality service in support of that mission. Combining our knowledge and capabilities makes us a powerful asset for the defense industry.”

The FEC acquisition adds extensive capabilities to FMD, solidifying Fairbanks Morse Defense’s position as an integrated defense contractor and turnkey solutions provider to the U.S. Navy and U.S. Coast Guard. In recent years, FMD has completed multiple acquisitions to better serve defense customers, including its acquisitions of Hunt Valve Company, Ward Leonard, and Welin Lambie.

Founded in Ohio in 1982, FEC has approximately 145 employees. The company is headquartered on its campus near Cincinnati, Ohio, which includes two facilities totaling 100,000 square feet. In addition, FEC has begun construction on a 50,000 square foot facility, which will further increase its manufacturing capacity and capabilities. This building is expected to open in mid-2022.

“Through the process of designing and creating the systems for today’s and tomorrow’s marine fleets, we’re proud to have earned a reputation for successfully taking on some of the most difficult engineering and manufacturing challenges for the Navy, Marines, and the Coast Guard,” said FEC President Doug Ridenour. “Fairbanks Morse Defense has earned a similar reputation for excellence in the defense industry, which makes this a great fit for both companies.”

About Fairbanks Morse Defense (FMD)

Fairbanks Morse Defense (FMD) builds, maintains, and services the most trusted naval power and propulsion systems on the planet. For more than 100 years, FMD has been a principal supplier of a growing array of leading marine technologies, OEM parts, and turnkey services to the U.S. Navy, U.S. Coast Guard, Military Sealift Command, and Canadian Coast Guard. FMD stands ready to rapidly support the systems that power military fleets without compromising safety or quality. In times of peace and war, the experienced engineers, sailors, and technicians of FMD demonstrate our commitment to supporting the mission and vision of critical global naval operations wherever and whenever needed. FMD is a portfolio company of Arcline Investment Management.

To learn more, visit www.FairbanksMorseDefense.com.

About Federal Equipment Company (FEC)

Federal Equipment Company (FEC) was incorporated in Ohio in 1982 as a partnership of experienced shipboard equipment engineers and technical experts in specialized material handling equipment. Working closely with the many domestic shipyards for their various projects, the company grew with the added benefit of the expansive machining capabilities located in and around the Ohio Valley Area . Since then, the company has vastly expanded its capabilities and geographic presence, emerging as an internationally recognized organization.

View source version on businesswire.com:https://www.businesswire.com/news/home/20220104006059/en/

CONTACT: Fairbanks Morse Media Contact:

Mercom Communications

Michelle Hargis

Tel: 512-215-4452

fairbanksmorse@mercomcapital.com

KEYWORD: WISCONSIN OHIO UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: OTHER DEFENSE CONTRACTS WHITE HOUSE/FEDERAL GOVERNMENT TECHNOLOGY DEFENSE OTHER MANUFACTURING ENGINEERING MARITIME TRANSPORT OTHER TECHNOLOGY MANUFACTURING PUBLIC POLICY/GOVERNMENT

SOURCE: Fairbanks Morse Defense

Copyright Business Wire 2022.

PUB: 01/05/2022 03:30 PM/DISC: 01/05/2022 03:32 PM

http://www.businesswire.com/news/home/20220104006059/en