AUGUSTA, Ga.--(BUSINESS WIRE)--
E-Z-GO®, a Textron Inc. (NYSE: TXT) company, has acquired TUG
Technologies Corporation, a leading manufacturer of ground support
equipment in the aviation industry.
A TUG Technologies Corporation GT110 pushback prepares to move an airliner. (Photo: Business Wire)
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. (NYSE: TXT) 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.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20140502005881/en/
Source: Textron