AUGUSTA, Ga., May 02, 2014 (BUSINESS WIRE) — E-Z-GO®, a Textron Inc. TXT +0.18% company, has acquired TUG Technologies Corporation, a leading manufacturer of ground support equipment in the aviation industry.
TUG Technologies Corporation, based in Kennesaw, Georgia, manufactures ground support equipment servicing airlines, air-freight companies, ground handlers, government agencies and airports worldwide. TUG’s extensive product line includes cargo tractors, belt loaders, tow tractors, pushback vehicles, air-starts, ground power units, and mobile heating and air-conditioning units. In addition to the design and manufacture of its products, TUG provides service for ground support equipment, operating a network of 18 service centers at airports nationwide.
E-Z-GO acquired TUG from Jacobson Partners, a private-equity firm based in New York, which had owned the company since January 2005. Post-acquisition, TUG’s products will continue to be manufactured at its Kennesaw facility by its workforce of more than 200 employees.
Based in Augusta, Georgia, E-Z-GO has been a business unit of Textron since 1960, and is a leading designer and manufacturer of vehicles for recreational and commercial use. The TUG brand will join E-Z-GO’s family of brands alongside E-Z-GO, Cushman and Bad Boy Buggies.
“TUG joins E-Z-GO with a strong brand, a proven and diverse product line, and decades of leadership in its industry,” said E-Z-GO President Kevin Holleran. “Those advantages, combined with Textron’s resources and operational expertise, make for a formidable platform to drive growth and expansion. Together, E-Z-GO and TUG will better serve our customers and create more value for Textron shareholders.”
“Today’s news marks an important step in the evolution of TUG’s business,” said Stefaan Ver Eecke, Vice President and General Manager for TUG, who took the helm at TUG in 2007 and was credited by Jacobson Partners founder Benjamin Jacobson with exemplary leadership at the company.
“It is an honor to become a part of E-Z-GO and Textron, a leader in multiple industries worldwide and the manufacturer of such iconic aviation brands as Cessna, Beechcraft, Hawker and Bell Helicopter,” Ver Eecke said. “This acquisition connects TUG to a broad range of resources, technologies and capabilities that will power growth for our brand and enable us to introduce new products and services that drive our business forward.”
About E-Z-GO
E-Z-GO, a Textron Inc. TXT +0.18% company, is a leading global manufacturer of golf cars, utility and personal transportation vehicles, and ground support equipment. Products sold under the E-Z-GO brand include RXV and TXT fleet golf cars, Freedom RXV and Freedom TXT personal golf cars, E-Z-GO Terrain™ and Express™ personal utility vehicles, and the 2Five® street-legal low-speed vehicle. E-Z-GO also produces the Cushman line of heavy-duty material carriers and utility vehicles, TUG ground support equipment for the aviation industry, and the Bad Boy Buggies line of off-road utility vehicles for hunters and outdoor enthusiasts. Founded in 1954 in Augusta, Georgia, E-Z-GO became part of Textron Inc. in 1960. For more information, visit www.ezgo.com .
About TUG Technologies Corporation
TUG Technologies Corporation, based in Kennesaw, Georgia, is a leader in the Ground Support Equipment Industry, offering a broad product line worldwide since 1973. TUG has more than four decades of providing the industry with advanced technologies and products. For more information, visit www.tugtech.com .
About Textron Inc.
Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna, Beechcraft, Hawker, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, and Textron Systems. For more information, visit www.textron.com .
Certain statements in this press release may project revenues or describe strategies, goals, outlook or other non-historical matters; these forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update them. These statements are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements, including but not limited to difficulty or unanticipated expenses in connection with integrating acquired businesses; the risk that anticipated synergies and opportunities as a result of acquisitions will not be realized or the risk that acquisitions do not perform as planned, including, for example, the risk that acquired businesses will not achieve revenue projections.
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SOURCE: Textron
Textron Inc.
Brandon Haddock, 706-772-5931
Copyright Business Wire 2014 (original:http://www.marketwatch.com/story/e-z-go-acquires-tug-technologies-corporation-2014-05-02?reflink=MW_news_stmp)
