Altra Industrial Motion Corp. (Nasdaq: AIMC), a leading global manufacturer and supplier of motion control, power transmission and automation products, has acquired Cleveland-based Nook Industries LLC, a leader in the US engineered linear motion industry.
Nook is expected to generate approximately $42 million in revenue in 2021, and the transaction is anticipated to be cash accretive to Altra’s earnings in 2022, excluding any one-time or acquisition-related costs. The Nook business, which will be integrated into Altra’s Thomson operating company in its Automation & Specialty (“A&S”) segment, expands the breadth of Altra’s linear products offering. The Company expects annual cost and sales synergies of approximately $6 million by year four of combined operations. In addition, Altra expects to receive a tax benefit, with a net present value of approximately $12 million to $15 million, as a result of the acquisition of Nook.