Mich. company buys Avon Bearings
By SHAWN A. TURNER
8:55 am, November 1, 2007
Avon Bearings Corp. of Avon has been acquired by Kaydon Corp. of Ann Arbor, Mich., for undisclosed terms.
Avon is a designer of large diameter turntable bearings. Kaydon makes custom rings, shaft seals, filters and filter housings.
Patrick Walsh, Avon Bearings controller, said the deal made sense because the two companies are engaged in the same business.
“We probably overlap customer-wise, but not too much, so it’s a pretty good match, marriage-wise,” Mr. Walsh said.
Publicly traded Kaydon recorded sales of $113.3 million in the third quarter. Avon Bearings employs 110 people. Mr. Walsh declined to disclose the company’s sales.
Brown Gibbons Lang & Co., which maintains an office in downtown Cleveland, was an adviser to Avon Bearings for the deal.