TORONTO — Textron Inc.'s Industrial Products division agreed to buy Maag Pump Systems AG of Zurich, Switzerland.
The deal will mark Textron's entry into gear pumps and related products for the plastics industry, said Textron spokeswoman Susan Gillette. Maag Pump's products are used in extruders for sheet and pipe, in compounders and in polymerization plants, as well as other industries, said Frank Brinken, Maag Pump's president and chief executive officer. Maag Pump's sales last year were about 90 million Swiss francs ($70 million).
Maag Holding AG's sale of the gear pumps business will take it out of industrial markets to focus on real estate and financial holdings, Brinken said. Officials expect to complete the sale by late February. Terms of the deal were undisclosed.
Textron Industrial Products will get plants in Zurich and in Milan, Italy. Gillette said the deal will complement Textron Industrial Products' current gear pump business for steel mills, printing presses and other applications.
Brinken said he will continue as the business' president and CEO after the sale. Its U.S. subsidiary, Maag Pump Systems of America Inc., is based in Matthews, N.C.