WATERVLIET, NY — Troy Industrial Solutions announced Monday they have signed an agreement to purchase the assets of Lane Conveyors and Drives, headquartered in Brewer, Maine.
Lane was founded in 1959 as an industrial distributor of supplies and power transmission equipment servicing the paper manufacturing and woodlands industry. Over the years they began to manufacture material handling equipment such as conveyors, hoppers and specialty screw conveyors and expanded with a second operation in Salem, New Hampshire. Lane currently employees over 50 employees between the two locations.
Jason W. Smith, President and third generation owner of Troy comments, “This is a great merger of two leading independent companies. We have always admired the Lane folks for the quality of products they produce and the integrity of the business they have developed. There is a tremendous amount of synergy between the two companies.” Bob Taylor, the current President and one of the owners of Lane, also echoed Smith’s feelings. “We approached the folks at Troy about a year ago as we were developing an exit strategy. Like Lane, Troy is a well-run family business that provides exceptional customer service and technical expertise to the marketplace. We felt they would be a great choice to continue and build on the Lane legacy”.
Details of the acquisition were not disclosed, however Lane’s revenues were close to $15 million in 2014 and currently employs 50 people between both locations. Troy will acquire all the assets and property of Lane which includes the distribution operations in Brewer, Maine and Salem, New Hampshire as well as the material handing production facility and steel fabrication operation located in Brewer.
Watervliet, NY-based Troy Industrial Solutions began in 1862 as a provider of leather belting and mill supplies for industrial machinery used in mills, mines and factories that were primarily located in the Northeastern, United States. Today, Troy Industrial Solutions, with over 80 employees, provides products and services to a variety of industries including chemical, mining, food & beverage, aggregate, pharmaceuticals, paper & pulp, cement, power generation, and packaging, as well as water, waste and hydropower systems for municipalities.
Jason Smith said, “It is important for us to recognize the rich history of both companies and build on the technology and intellectual capital we have developed to solve the challenges our manufacturing clients face in a highly competitive marketplace. This acquisition is the next phase in our Northeast expansion plan.”
