A US overhead crane and rail manufacturer Unified Industries has changed hands in a management buyout.
Wes Paisley, formerly the chief executive of sister company Dearborn Mid-West, has led the MBO from previous owners Tomkins. The transaction closed 2 January 2005.
Paisley retired from his post at Dearborn Mid-West to assume ownership of Unified Industries, said sales manager Bill Cuellar.
A spokesman for Tomkins said that materials handling was no longer part of the strategic focus of the company, which he said is industrial and automotive transmissions, industrial and automotive aftermarket products, and air handling equipment.
He said that Tomkins has also sold conveyor firm Mayfran in June 2004. He added that the company would be looking to divest another company it owns – Dearborn Mid-West Conveyor Company – in the future.
