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23 September, 2020

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Hathaway buys Motor Products for $11.8m

01 July, 2002

The US-based Hathaway Corporation has emphasized its intention to focus on the motion control market by buying Ossowo Corporation`s Motor Products business for $11.8m. Motor Products, which is in the process of combining its Michigan and Ohio operations at the latter site, has been making motors for more than 50 years, and specialises in customised small permanent magnet DC motors.

Motor Products had revenues of $25.3m and a pretax income of $1.85m before corporate allocation in the year ending October 2001.

Hathaway recently announced that it was selling most of its power and process operation to Danaher so that it could focus on building its motion control business. More than a third of its income comes from outside the US. In the UK, it owns the brushless DC motor manufacturer Emoteq.

Earlier this year, Hathaway was thwarted in a bid to buy the Industrial Devices Division (IDC) from Automation Solutions International.

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