AWFS fair exhibitor NAP Gladu announced the acquisition of Drake Corp., a provider of carbide- and diamond-cutting tool solutions based in Imperial, Mo.
The acquisition of Drake’s sales operations, manufacturing and service facilities will expand and enhance NAP Gladu’s capabilities to customers located in Missouri, Iowa, Illinois, Indiana, Kentucky, Mississippi and Arkansas, according to the company.
Founded in 1940, Drake also offers repair and sharpening services throughout the central states. In addition to its main facility in Imperial, the acquisition includes a manufacturing and service center in Huntingburg, Ind.
The former president of Drake Corp., Jim Braunecker, will remain with the company on a consultative basis during the transition period.
“It is my desire to see that our employees and customer base are placed with a company who recognizes and values the long-term relationships we have developed over time. This partnership with NAP Gladu is the most beneficial relationship we can provide for the future preservation of both. We are excited to provide the enhanced services we can now offer by joining forces with NAP Gladu,” Braunecker said in a statement.
“The addition of Drake Corp. to the NAP Gladu brand extends our coverage area and will enhance our customer’s service and support experiences,” added Greg Webb, president and CEO of Techniks Industries, the parent company of NAP Gladu. “This partnership also offers significant synergistic opportunities to increase manufacturing and service capacities, improve efficiencies, and lower costs. We are excited to welcome Drake’s employees into the growing NAP Gladu family. We are equally excited that Jim Braunecker will remain with the organization through the transition period as we look to gain from his deep industry knowledge and experience.”
NAP Gladu designs, manufactures and services broad families of integrated custom cutting tools for the wood, metal and advanced materials industries.
For information, visit AWFS booth No. 7624 and www.napgladu.com.