CRP Industries Inc. has acquired Atlantic Automotive Enterprises (AAE), a steering systems manufacturer specializing in new and remanufactured steering racks, power steering pumps, gear boxes, and related electric components.
AAE will function as a wholly-owned subsidiary of CRP Industries and operate independently out of its 125,000-square-foot headquarters and manufacturing facility in Tabor City, N.C.
Daniel Schildge, CEO of CRP Industries, says, “This acquisition is a great opportunity for both CRP Industries and AAE, and both companies will gain considerable benefits from our combined experience, skill sets, and core competencies. AAE puts us into the remanufacturing business and also brings us an exciting new product segment that offers significant topline growth potential made possible by our strong market position and the ongoing developments within the power steering product category.”
AAE owner and founder John Treece will remain at the helm of AAE and become part of the CRP Industries management team, reporting directly to Schildge. Treece says, “Our organization is extremely excited to be uniting with such an outstanding organization as CRP Industries. Both companies have a long history and reputation for being quality oriented and service driven. Our corporate values and cultures with respect to how we service our customers and appreciate and value our employees are closely aligned. This is truly a win-win for our collective customers and employees.”
For additional information, visit: www.crpindustries.com.