Tower Tech Holdings Inc. has agreed to acquire Brad Foote Gear Works Inc., a Cicero, Ill.-based manufacturer of gearing systems for wind turbines up to 2.5 MW. Tower Tech, based in Manitowoc, Wis., produces wind tower support structures.
Upon completion of the acquisition, J. Cameron Drecoll, the CEO of Brad Foote, will assume chief executive responsibilities for the combined firm and is expected to join Tower Tech's board of directors, according to the companies. Brad Foote shareholders will receive an aggregate of approximately 16 million shares of Tower Tech common stock.
‘This is an extraordinary opportunity to combine two rapidly growing component suppliers to the wind turbine industry,’ says Drecoll. ‘This transaction will strengthen our ability to reinvest in our respective companies and communities and acquire additional related businesses.’
The companies expect the acquisition to close by end of the year.