PennEngineering Acquires QRP, Incorporated

PennEngineering has announced the acquisition of QRP, Inc. (Leland, NC), which specializes in the manufacture of quick release pins, lanyards, latches, and access fastener products. Terms of the transaction between the two privately held companies were undisclosed. The acquisition was completed on September 30, 2010.

“This strategic acquisition expands our fastening product portfolio and we expect significant growth opportunities for both of our companies,” said Mark Petty, President and Chief Executive Officer of PennEngineering.  “QRP’s wide range of quick release pin products and related specialty fasteners will provide us with new capabilities and expertise to extend our offerings in key customer markets.”

“This represents an exciting opportunity to grow in conjunction with PennEngineering,” said Tom Kievit, President of QRP, “and as a result there will be ongoing benefits for both of our companies in the future.” Kievit noted that the current QRP management team remains in place and that QRP will continue to operate its business from the company’s current locations in North Carolina.

This latest acquisition follows the recent acquisition of 3V Fasteners, Inc. and the introduction of AS9100 quality systems in key PennEngineering plants. “All these initiatives serve to reinforce PennEngineering’s position in the Aerospace and Defense markets,” Petty added.