Tower Tech Holdings Inc., a wind power equipment components manufacturer based in Manitowoc, Wis., has agreed to acquire RBA Inc., a fabricator of components for energy-related industries, including wind turbine erection cranes.
Because RBA is located on the same 46-acre peninsula as Tower Tech, the companies can combine their operational resources, notes Tower Tech.
‘The acquisition of RBA expands the range of fabricated products manufactured by Tower Tech for the projected energy-related infrastructure build-out in North America,’ says Steve Huntington, chief financial officer of Tower Tech. ‘The equipment manufactured by RBA utilizes similar labor capabilities as our wind tower business, which will enhance the efficiency of our combined operations.’
Under the terms of the agreement, RBA shareholders will receive $5 million in cash as consideration for all of the outstanding shares of RBA. Tower Tech will use internal funds to finance the acquisition.