George Koch Sons, a subsidiary of Koch Enterprises, is aquiring Price Industries, a Grand Rapids, Michigan-based company with more than 30 years experience providing material handling systems to the aerospace, automotive, industrial, military and agriculture industries around the world.
The Price systems are used to automate material flow during surface treatments such as plating, cleaning or chemical processing of manufactured parts. Price will become part of George Koch Sons and will continue to serve its growing customer base from its existing Grand Rapids, MI facilities.
“We look forward to leveraging our combined years of experience in finishing systems to provide our customers with the best integrated solutions. Our combined systems play a critical role in providing industry leading manufacturers the solutions necessary to remain competitive by reducing factory costs through automation, material optimization and efficient labor allocation,” said Chris Brack, George Koch Sons’ President.
“The combination was a natural fit as we continue to invest in additional capabilities to enhance our solution offering in finishing systems. The marketplace is demanding more and more capabilities from one turn-key supplier and Price Industries’ capabilities will augment our core offering and ultimately provide our customers access to the market’s broadest suite of solutions.”
“We share a customer-first philosophy with George Koch Sons and are pleased to become a part of the company to best serve our customers,” said Robert Price, Price Industries President. “We are confident that together, we can provide even better solutions to assist manufacturers in managing their complex production programs.”
Financial terms of the transaction were not disclosed. The transaction is subject to customary closing conditions and expected to close at the end of the month.