Hunt Valve Company, Based in Salem, Sold | News, Sports, Jobs
Hunt Valve Company, Inc., a specialty manufacturer of electromechanical valves and actuators based in Salem for U.S. shipping agencies and other industrial customers, has been acquired by Fairbanks Morse Defense.
“We love Hunt for many reasons; they have a fantastic brand and reputation ”, George Whittier, CEO of Fairbanks Morse Defense, said. “The focus is on the (US) Navy. About 90 percent of their business is actually in the US Navy and Coast Guard defense space, and that’s really where Fairbanks Morse Defense operates.
“We operate on this same platform and we are looking for very good brands, very well known brands (with) great quality, great products to help us expand our product portfolio and our offerings in this space, and Hunt is a really easy choice when we look at these criteria ”, said Whittier.
Hunt Valve employs approximately 100 people at its plant in Salem and approximately 50 others in Montreal, Canada. The transaction includes Hunt Valve, the Hunt Actuator Division, MB (Montreal Bronze) and Pima Valve LLC, a Hunt Valve brand.
The four brands of Hunt Valve specialize in the manufacture of heavy-duty valves, complementary technical components and system solutions. Its valves and actuators are used aboard surface ships and submarines, including the Virginia-class submarine, the Columbia-class submarine, and the Ford-class aircraft carriers. Customers include the US Navy, Navy shipyards, Naval Supply Systems Command, and Defense Logistics Agency.
“Our goal with the company is absolutely to make it grow. The Hunt business is focused on key Navy markets – and they do a fantastic job with that – but there are a few others that the Hunt team doesn’t have the breadth to cover where the Fairbanks business. Morse Defense has this magnitude, “ said Whittier.
“We expect that we will be able to take Hunt and make him a much larger player and competitor for the Navy, and I would like to see us double our revenue over the next two years.” , he added. he said. “That’s a big goal… but with that, we would absolutely look to add people, resources to Salem. We see Salem as an exceptional facility, a great manufacturing location (with a) very talented workforce, and we want to try to take advantage of that. ”
The company will continue under the Hunt Valve brand.
Fairbanks Morse is a Beloit, Wisc., Company with a division that produces large diesel engines for the Navy and Coast Guard, Fairbanks Morse Engine; another that does maintenance, Fairbanks Morse Service; and Ward Leonard, which manufactures motors and controllers.
The company is a holding company of Arcline Investment, a private equity firm with $ 4.3 billion in capital commitments, according to its website. The company invests in niche companies primarily in the defense, aerospace, infrastructure services, industrial and medical technologies, life sciences and specialty materials sectors.
“The opportunities to serve the defense industries are increasing with the need to support aging ships, and these prospects remain strong with the rapid addition of new platforms to various fleets”, Charles Ferrer, CEO of Hunt Valve, said. “Becoming a member of the Fairbanks Morse Defense team puts us in a better position to take advantage of these opportunities and accelerate our growth. “