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Tencarva Acquires Company

November 22, 2006
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GREENSBORO, N.C. - Tencarva Machinery Co. acquired Engineering Equipment Co. (EECO), Richmond, Va. The company averages approximately $8 million in sales revenue per year.

After the acquisition, Dave Mathers, former EECO secretary-treasurer and co-owner, will continue to head up the operations of the EECO Division of Tencarva as EECO Division manager.

"The synergy between the two companies was a natural. The product lines complement each other, and they have an experienced team of sales engineers supported by outstanding service capabilities," said Mathers. "We are looking forward to working with the Tencarva team in Virginia, and expect a good increase in sales coverage and profitability as a result of being a part of Tencarva."

John Mills, former EECO president and co-owner, will work three months as a consultant to Tencarva prior to retiring in early 2007.

"The acquisition of Engineering Equipment Co. broadens our footprint in both the Virginia industrial and municipal marketplaces," said Ed Pearce, Tencarva controller. "There is some significant growth potential with the products they represent that we are optimistic will occur given the resources we currently have."

Publication date: 11/27/2006

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