Solve Industrial Motion Group has acquired New Jersey power transmission supplier Power Rite Products, company officials announced Monday.
Power Rite began providing precision roller chains in 1985; today, company officials said it is one of the leading suppliers of chains and related power transmission components in North America. Solve officials said its lineup includes sprockets, sheaves, bushings, bearings and castings.
Solve CEO Ernie Lauber said in a statement that Power Rite's chain expertise and customer connections would “enable us to expand our product offerings and better serve key customers and industries."
Power Rite President Robert Capanelli added that Solve “has a strong history of growth and investment, and we are excited about being a part of their vision.”
Terms of the deal were not disclosed.
